Intech Investment Management LLC Purchases 20,701 Shares of Innovative Industrial Properties, Inc. $IIPR

Key Points

• Intech Investment Management LLC increased its stake in Innovative Industrial Properties by 83.7%, acquiring an additional 20,701 shares and totaling approximately 45,431 shares worth $2,457,000.
• The company's latest financial results showed a 21.2% decline in revenue year-over-year, with earnings per share (EPS) of $1.71, which slightly exceeded analyst expectations.
• Innovative Industrial Properties announced a quarterly dividend of $1.90 per share, yielding 13.3%, and noted a payout ratio of 164.50%.

Intech Investment Management LLC grew its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 83.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 45,431 shares of the company's stock after acquiring an additional 20,701 shares during the period. Intech Investment Management LLC owned about 0.16% of Innovative Industrial Properties worth $2,457,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Innovative Industrial Properties by 1.0% in the first quarter. Vanguard Group Inc. now owns 4,469,353 shares of the company's stock worth $241,747,000 after buying an additional 45,617 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Innovative Industrial Properties by 6.7% in the first quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company's stock worth $11,433,000 after buying an additional 13,291 shares in the last quarter. Millennium Management LLC raised its stake in Innovative Industrial Properties by 1,131.0% in the first quarter. Millennium Management LLC now owns 157,509 shares of the company's stock worth $8,520,000 after buying an additional 144,714 shares in the last quarter. Principal Financial Group Inc. raised its stake in Innovative Industrial Properties by 2.6% in the first quarter. Principal Financial Group Inc. now owns 155,355 shares of the company's stock worth $8,403,000 after buying an additional 3,961 shares in the last quarter. Finally, Cambiar Investors LLC raised its stake in Innovative Industrial Properties by 3.3% in the first quarter. Cambiar Investors LLC now owns 111,845 shares of the company's stock worth $6,050,000 after buying an additional 3,561 shares in the last quarter. 70.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Wolfe Research downgraded shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $78.67.

Innovative Industrial Properties Stock Performance

IIPR stock traded down $0.75 on Friday, hitting $57.51. The company had a trading volume of 603,885 shares, compared to its average volume of 242,198. 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 10.30, a quick ratio of 10.30 and a debt-to-equity ratio of 0.16. The stock's 50-day simple moving average is $54.07 and its 200 day simple moving average is $56.11. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of 12.45 and a beta of 1.61.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.03. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The company had revenue of $62.89 million for the quarter, compared to analysts' expectations of $64.36 million. During the same quarter last year, the company posted $2.06 earnings per share. The firm's quarterly revenue was down 21.2% on a year-over-year basis. As a group, equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 13.2%. The ex-dividend date is Tuesday, September 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 164.50%.

Innovative Industrial Properties Company 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.