Innovative Industrial Properties, Inc. $IIPR Stock Holdings Lowered by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P significantly reduced its stake in Innovative Industrial Properties by 42.1%, selling over 10,000 shares, resulting in ownership of 13,879 shares valued at approximately $751,000.
• Shares of Innovative Industrial Properties opened at $54.8450, with a 12-month range between $45.44 and $138.35, and a market capitalization of $1.54 billion.
• The company announced a quarterly dividend of $1.90, with a yield of 13.9%; however, it has a high payout ratio of 164.50%.

Martingale Asset Management L P trimmed its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 42.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,879 shares of the company's stock after selling 10,093 shares during the quarter. Martingale Asset Management L P's holdings in Innovative Industrial Properties were worth $751,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. PSI Advisors LLC increased its position in 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 buying an additional 500 shares during the period. SSA Swiss Advisors AG acquired a new position in shares of Innovative Industrial Properties during the first quarter valued at $33,000. GF Fund Management CO. LTD. bought a new position in shares of Innovative Industrial Properties during the fourth quarter worth about $34,000. Signaturefd LLC increased its holdings in shares of Innovative Industrial Properties by 49.7% in the 1st quarter. Signaturefd LLC now owns 756 shares of the company's stock worth $41,000 after acquiring an additional 251 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Innovative Industrial Properties in the 4th quarter valued at about $56,000. Institutional investors and hedge funds own 70.58% of the company's stock.

Innovative Industrial Properties Price Performance

Shares of IIPR stock traded up $0.22 during midday trading on Friday, reaching $56.52. 238,202 shares of the company were exchanged, compared to its average volume of 395,130. Innovative Industrial Properties, Inc. has a 12 month low of $45.44 and a 12 month high of $138.35. The company has a market cap of $1.58 billion, a P/E ratio of 12.23 and a beta of 1.65. The company's 50 day moving average price is $54.06 and its two-hundred day moving average price is $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.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.03. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The business had revenue of $62.89 million during the quarter, compared to analysts' expectations of $64.36 million. During the same period last year, the firm posted $2.06 earnings per share. The business's revenue was down 21.2% on a year-over-year basis. On average, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $1.90 per share. The ex-dividend date was Monday, June 30th. This represents a $7.60 annualized dividend and a dividend yield of 13.4%. Innovative Industrial Properties's dividend payout ratio (DPR) is 164.50%.

Analyst Ratings Changes

Separately, Wolfe Research lowered shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 2nd. One 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 company's stock. According to MarketBeat, Innovative Industrial Properties has an average rating of "Hold" and an average target price of $78.67.

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.