Jump Financial LLC Buys 44,599 Shares of Innovative Industrial Properties, Inc. $IIPR

Key Points

• Jump Financial LLC increased its stake in Innovative Industrial Properties, Inc. by 352.6% during the first quarter, acquiring an additional 44,599 shares, bringing its total ownership to 57,246 shares valued at approximately $3.1 million.
• The company reported $1.71 EPS for the last quarter, exceeding analysts' expectations, despite a 21.2% year-over-year revenue decline.
• Recently, Innovative Industrial Properties announced a quarterly dividend of $1.90 per share, translating to an annual yield of 13.8%.

Jump Financial LLC lifted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 352.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,246 shares of the company's stock after purchasing an additional 44,599 shares during the quarter. Jump Financial LLC owned about 0.20% of Innovative Industrial Properties worth $3,096,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its holdings 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 acquiring an additional 3,961 shares in the last quarter. Bank of America Corp DE boosted its holdings 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 acquiring an additional 1,395 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in Innovative Industrial Properties by 6.9% in the first quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company's stock worth $267,000 after acquiring an additional 319 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Innovative Industrial Properties by 27.8% in the fourth quarter. Wells Fargo & Company MN now owns 16,543 shares of the company's stock worth $1,102,000 after acquiring an additional 3,603 shares in the last quarter. Finally, Deutsche Bank AG boosted its holdings in Innovative Industrial Properties by 32.6% in the fourth quarter. Deutsche Bank AG now owns 34,180 shares of the company's stock worth $2,278,000 after acquiring an additional 8,408 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Innovative Industrial Properties Stock Up 0.4%

Shares of IIPR stock traded up $0.22 during mid-day trading on Friday, hitting $56.52. The company's stock had a trading volume of 238,202 shares, compared to its average volume of 395,130. Innovative Industrial Properties, Inc. has a 52-week low of $45.44 and a 52-week high of $138.35. The business has a 50-day moving average price of $54.06 and a 200 day moving average price of $57.67. The company has a debt-to-equity ratio of 0.16, a quick ratio of 10.30 and a current ratio of 10.30. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 12.23 and a beta of 1.65.

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 company 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%.Innovative Industrial Properties's revenue for the quarter was down 21.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.06 earnings per share. Research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 13.4%. The ex-dividend date was Monday, June 30th. Innovative Industrial Properties's dividend payout ratio is 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.