Legal & General Group Plc Takes $10.44 Million Position in Innovative Industrial Properties, Inc. $IIPR

Key Points

• Legal & General Group Plc acquired 168,415 shares of Innovative Industrial Properties during the second quarter, establishing a position worth approximately $10.44 million and representing about 0.61% of the company.
• Institutional investors and hedge funds own 70.58% of IIPR. The stock recently traded at $56.94, while the company reported quarterly EPS of $1.36, exceeding estimates, despite revenue falling short of expectations.
• IIPR announced a quarterly dividend of $1.90 per share, equivalent to an annualized $7.60 and a 13.3% yield. However, its 172.34% payout ratio and analysts’ consensus “Reduce” rating—with a $48 price target—highlight potential concerns.

Legal & General Group Plc bought a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 168,415 shares of the company's stock, valued at approximately $10,438,000. Legal & General Group Plc owned about 0.61% of Innovative Industrial Properties at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. grew its position in Innovative Industrial Properties by 6.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,173 shares of the company's stock worth $159,000 after purchasing an additional 182 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in Innovative Industrial Properties by 2.1% in the second quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company's stock valued at $545,000 after purchasing an additional 207 shares during the period. Allworth Financial LP raised its holdings in shares of Innovative Industrial Properties by 4.6% in the fourth quarter. Allworth Financial LP now owns 4,714 shares of the company's stock valued at $223,000 after buying an additional 208 shares during the last quarter. PFG Investments LLC raised its holdings in shares of Innovative Industrial Properties by 3.3% in the first quarter. PFG Investments LLC now owns 7,300 shares of the company's stock valued at $366,000 after buying an additional 231 shares during the last quarter. Finally, Freestone Grove Partners LP boosted its stake in shares of Innovative Industrial Properties by 2.0% during the fourth quarter. Freestone Grove Partners LP now owns 12,467 shares of the company's stock worth $590,000 after buying an additional 250 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Up 1.1%

Shares of NYSE:IIPR opened at $56.94 on Tuesday. The company has a market cap of $1.57 billion, a price-to-earnings ratio of 12.91 and a beta of 1.38. The firm's 50-day simple moving average is $60.27 and its 200-day simple moving average is $56.18. The company has a quick ratio of 24.51, a current ratio of 24.51 and a debt-to-equity ratio of 0.35. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $65.38.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.34. The firm had revenue of $63.31 million during the quarter, compared to analysts' expectations of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. As a group, equities research analysts predict that Innovative Industrial Properties, Inc. will post 7.05 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.3%. The ex-dividend date of this dividend was Tuesday, June 30th. Innovative Industrial Properties's dividend payout ratio is 172.34%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Piper Sandler raised their price target on Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an "underweight" rating in a report on Tuesday, July 21st. Zacks Research cut Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings upgraded Innovative Industrial Properties from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 6th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of "Reduce" and a consensus price target of $48.00.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.

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