Innovative Industrial Properties, Inc. $IIPR Shares Sold by Invesco Ltd.

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. decreased its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 2.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 271,897 shares of the company's stock after selling 6,156 shares during the period. Invesco Ltd. owned about 0.97% of Innovative Industrial Properties worth $14,707,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Principal Financial Group Inc. increased 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 purchasing an additional 3,961 shares during the period. Bank of America Corp DE increased its stake in Innovative Industrial Properties by 9.1% in the fourth quarter. Bank of America Corp DE now owns 16,759 shares of the company's stock worth $1,117,000 after purchasing an additional 1,395 shares during the period. Janney Montgomery Scott LLC grew its position in shares of Innovative Industrial Properties by 6.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company's stock worth $267,000 after buying an additional 319 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Innovative Industrial Properties by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 16,543 shares of the company's stock worth $1,102,000 after buying an additional 3,603 shares in the last quarter. Finally, Deutsche Bank AG grew its position in shares of Innovative Industrial Properties by 32.6% during the 4th quarter. Deutsche Bank AG now owns 34,180 shares of the company's stock worth $2,278,000 after buying an additional 8,408 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wolfe Research downgraded Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, July 2nd. One 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 given a Sell rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties currently has an average rating of "Hold" and an average price target of $78.67.

Innovative Industrial Properties Stock Performance

IIPR stock traded down $1.12 during trading on Thursday, hitting $55.50. 38,793 shares of the company traded hands, compared to its average volume of 324,066. The stock's 50-day simple moving average is $54.12 and its 200 day simple moving average is $58.03. The company has a debt-to-equity ratio of 0.16, a current ratio of 10.30 and a quick ratio of 10.30. The company has a market cap of $1.55 billion, a PE ratio of 12.02 and a beta of 1.65. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.71 EPS for the quarter, beating analysts' consensus estimates of $1.68 by $0.03. The business had revenue of $62.89 million during the quarter, compared to analysts' expectations 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 revenue was down 21.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.06 earnings per share. On average, equities analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business 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 13.7%. The ex-dividend date was Monday, June 30th. Innovative Industrial Properties's dividend payout ratio is presently 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.