Inspire Advisors LLC Invests $275,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Key Points

• Inspire Advisors LLC acquired 5,081 shares of Innovative Industrial Properties, Inc. (NYSE:IIPR), valued at approximately $275,000, during the first quarter.
• The company reported $1.94 earnings per share for the last quarter, missing analysts' estimates, and experienced a 5.7% year-over-year revenue decline.
• Innovative Industrial Properties announced a quarterly dividend of $1.90, representing an annualized dividend yield of 14.26%, with a payout ratio of 146.15%.

Inspire Advisors LLC acquired a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 5,081 shares of the company's stock, valued at approximately $275,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of IIPR. PSI Advisors LLC raised its holdings in shares of Innovative Industrial Properties by 454.5% in the first quarter. PSI Advisors LLC now owns 610 shares of the company's stock worth $33,000 after buying an additional 500 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth $34,000. Signaturefd LLC raised its holdings in shares of 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 buying an additional 251 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth $50,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth $56,000. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Stock Performance

IIPR traded down $0.83 on Friday, reaching $50.88. The stock had a trading volume of 146,236 shares, compared to its average volume of 314,895. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-month high of $138.35. The company has a current ratio of 10.73, a quick ratio of 10.73 and a debt-to-equity ratio of 0.15. The business's 50-day moving average price is $55.59 and its two-hundred day moving average price is $60.32. The company has a market cap of $1.43 billion, a P/E ratio of 9.78 and a beta of 1.69.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly 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 business had revenue of $71.72 million for the quarter, compared to analyst estimates 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 revenue was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.21 earnings per share. Sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 14.9%. The ex-dividend date was Monday, June 30th. Innovative Industrial Properties's payout ratio is presently 146.15%.

Wall Street Analysts Forecast Growth

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