Invesco Ltd. Sells 6,156 Shares of Innovative Industrial Properties, Inc. $IIPR

Key Points

• Invesco Ltd. reduced its stake in Innovative Industrial Properties by 2.2%, owning 271,897 shares worth approximately $14.7 million after selling 6,156 shares in the first quarter.
• The company's stock recently experienced a 5.3% increase, with a current price of $54.85 and year-over-year revenue declining by 21.2%.
• Innovative Industrial Properties declared a $1.90 quarterly dividend, reflecting a high dividend yield of 13.9%, despite a significant payout ratio of 164.5%.

Invesco Ltd. reduced its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 2.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 271,897 shares of the company's stock after selling 6,156 shares during the period. Invesco Ltd. owned approximately 0.97% of Innovative Industrial Properties worth $14,707,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Covestor Ltd lifted its holdings in Innovative Industrial Properties by 73.9% during the 1st quarter. Covestor Ltd now owns 3,656 shares of the company's stock worth $198,000 after purchasing an additional 1,554 shares during the last quarter. Koa Wealth Management LLC lifted its holdings in Innovative Industrial Properties by 88.5% during the 1st quarter. Koa Wealth Management LLC now owns 60,174 shares of the company's stock worth $3,255,000 after purchasing an additional 28,248 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Innovative Industrial Properties by 5.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 19,234 shares of the company's stock worth $1,040,000 after acquiring an additional 1,000 shares during the period. Vanguard Group Inc. increased its stake in Innovative Industrial Properties by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 4,469,353 shares of the company's stock worth $241,747,000 after acquiring an additional 45,617 shares during the period. Finally, New Age Alpha Advisors LLC bought a new position in Innovative Industrial Properties during the 1st quarter worth $2,921,000. 70.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Innovative Industrial Properties Price Performance

Shares of IIPR traded down $0.32 during midday trading on Thursday, hitting $56.29. The company's stock had a trading volume of 303,110 shares, compared to its average volume of 394,313. The company has a quick ratio of 10.30, a current ratio of 10.30 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of 12.18 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's fifty day simple moving average is $54.09 and its two-hundred day simple moving average is $57.90.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.68 by $0.03. The firm had revenue of $62.89 million during the quarter, compared to the consensus estimate of $64.36 million. Innovative Industrial Properties had a return on equity of 7.26% and a net margin of 47.71%.The business's quarterly revenue was down 21.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.06 earnings per share. As a group, equities 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 announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $7.60 annualized dividend and a yield of 13.5%. Innovative Industrial Properties's payout ratio is presently 164.50%.

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.