Koa Wealth Management LLC Buys 28,248 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Key Points

• Koa Wealth Management LLC increased its stake in Innovative Industrial Properties by 88.5%, now owning approximately 60,174 shares worth $3.26 million.
• Several brokerages have downgraded** Innovative Industrial Properties**, with Wolfe Research moving from "outperform" to "peer perform" and a new price target set at $45.00 by Piper Sandler.
• Innovative Industrial Properties declared a quarterly dividend of $1.90 per share, with a high dividend yield of 16.6% despite a payout ratio of 146.15%.

Koa Wealth Management LLC raised its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 88.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,174 shares of the company's stock after buying an additional 28,248 shares during the quarter. Innovative Industrial Properties accounts for 2.6% of Koa Wealth Management LLC's portfolio, making the stock its 12th largest position. Koa Wealth Management LLC owned about 0.21% of Innovative Industrial Properties worth $3,255,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of IIPR. PSI Advisors LLC lifted its position 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 purchasing an additional 500 shares in the last quarter. SSA Swiss Advisors AG purchased a new stake in shares of Innovative Industrial Properties in the first quarter worth approximately $33,000. GF Fund Management CO. LTD. purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter worth approximately $34,000. Signaturefd LLC lifted its position 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 purchasing an additional 251 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter worth approximately $56,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on IIPR. Wolfe Research lowered shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, July 2nd. Piper Sandler reduced their price target on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research report on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $78.67.

Innovative Industrial Properties Stock Performance

IIPR stock traded up $2.82 during midday trading on Monday, hitting $48.65. 807,185 shares of the company traded hands, compared to its average volume of 330,880. Innovative Industrial Properties, Inc. has a twelve month low of $45.44 and a twelve month high of $138.35. 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 business has a 50 day simple moving average of $54.78 and a 200-day simple moving average of $59.34. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of 10.53 and a beta of 1.65.

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

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $1.90 dividend. The ex-dividend date was Monday, June 30th. This represents a $7.60 annualized dividend and a dividend yield of 15.6%. Innovative Industrial Properties's dividend payout ratio (DPR) 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.