Jupiter Asset Management Ltd. Trims 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. decreased its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 15.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 150,905 shares of the company's stock after selling 26,861 shares during the quarter. 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 institutional investors also recently modified their holdings of IIPR. Summit Investment Advisors Inc. raised its position in Innovative Industrial Properties by 5.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company's stock worth $196,000 after acquiring an additional 160 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its stake in shares of Innovative Industrial Properties by 4.0% in the 4th 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. boosted its stake in shares of Innovative Industrial Properties by 4.3% in the 4th quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company's stock valued at $312,000 after purchasing an additional 193 shares in the last quarter. Signaturefd LLC raised its holdings in Innovative Industrial Properties by 49.7% in the 1st quarter. Signaturefd LLC now owns 756 shares of the company's stock valued at $41,000 after buying an additional 251 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Innovative Industrial Properties by 1.7% during the 4th 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.

Innovative Industrial Properties Price Performance

NYSE:IIPR traded up $0.59 during mid-day trading on Tuesday, reaching $52.24. The stock had a trading volume of 223,979 shares, compared to its average volume of 267,045. The firm has a 50 day moving average price of $55.43 and a two-hundred day moving average price of $60.01. The stock has a market capitalization of $1.46 billion, a P/E ratio of 10.05 and a beta of 1.65. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 10.73 and a current ratio of 10.73.

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

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $1.90 dividend. The ex-dividend date was Monday, June 30th. This represents a $7.60 annualized dividend and a yield of 14.5%. Innovative Industrial Properties's payout ratio is presently 146.15%.

Wall Street Analyst Weigh In

Several analysts have recently commented on IIPR shares. Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research report on Tuesday, April 15th. Wolfe Research cut 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 assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $78.67.

About Innovative Industrial Properties

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.