Jupiter Asset Management Ltd. Decreases Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Key Points

• Jupiter Asset Management Ltd. reduced its stake in Innovative Industrial Properties, Inc. by 15.1%, owning 150,905 shares after selling 26,861 shares, equating to a stake valued at approximately $8.16 million.
• Innovative Industrial Properties reported $1.94 earnings per share for the last quarter, missing analysts' expectations of $2.06, while revenue fell 5.7% year-over-year to $71.72 million.
• The company announced a $1.90 quarterly dividend, representing an annualized yield of 14.8%, despite a high payout ratio of 146.15%.

Jupiter Asset Management Ltd. lessened its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 15.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 150,905 shares of the company's stock after selling 26,861 shares during the period. Jupiter Asset Management Ltd. owned about 0.54% of Innovative Industrial Properties worth $8,162,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Summit Investment Advisors Inc. grew its holdings in Innovative Industrial Properties by 5.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company's stock worth $196,000 after purchasing an additional 160 shares during the period. Nissay Asset Management Corp Japan ADV lifted its position in shares of Innovative Industrial Properties by 4.0% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company's stock valued at $288,000 after purchasing an additional 164 shares in the last quarter. Pinebridge Investments L.P. raised its position in Innovative Industrial Properties by 4.3% in the fourth quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company's stock worth $312,000 after acquiring an additional 193 shares during the period. Signaturefd LLC raised its position in Innovative Industrial Properties by 49.7% in the first quarter. Signaturefd LLC now owns 756 shares of the company's stock worth $41,000 after acquiring an additional 251 shares during the period. Finally, American Century Companies Inc. raised its position in shares of Innovative Industrial Properties by 1.7% in the fourth quarter. American Century Companies Inc. now owns 16,158 shares of the company's stock valued at $1,077,000 after purchasing an additional 270 shares during the period. Institutional investors and hedge funds own 70.58% of the company's stock.

Analysts Set New Price Targets

IIPR has been the subject of a number of research reports. Piper Sandler cut their price target on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research note on Tuesday, April 15th. Wolfe Research cut shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 2nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $78.67.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR traded down $4.82 during trading on Thursday, reaching $46.80. 815,195 shares of the company traded hands, compared to its average volume of 317,207. The company has a quick ratio of 10.73, a current ratio of 10.73 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.31 billion, a PE ratio of 8.98 and a beta of 1.65. The firm has a 50 day simple moving average of $55.26 and a 200-day simple moving average of $59.90. Innovative Industrial Properties, Inc. has a 52-week low of $45.44 and a 52-week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 50.30% and a return on equity of 8.01%. The company had revenue of $71.72 million for the quarter, compared to the consensus estimate of $72.20 million. During the same quarter in the previous year, the business earned $2.21 EPS. The company's quarterly revenue was down 5.7% on a year-over-year basis. Equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 16.2%. The ex-dividend date of this dividend was Monday, June 30th. Innovative Industrial Properties's payout ratio is currently 146.15%.

Innovative Industrial Properties Profile

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.