Martingale Asset Management L P Sells 10,093 Shares of Innovative Industrial Properties, Inc. $IIPR

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 lessened its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 42.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. PSI Advisors LLC increased its stake in Innovative Industrial Properties by 454.5% in the first quarter. PSI Advisors LLC now owns 610 shares of the company's stock valued at $33,000 after acquiring an additional 500 shares during the period. SSA Swiss Advisors AG acquired a new stake in Innovative Industrial Properties during the first quarter valued at approximately $33,000. GF Fund Management CO. LTD. bought a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at approximately $34,000. Signaturefd LLC raised 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 buying an additional 251 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Innovative Industrial Properties during the 4th quarter worth approximately $56,000. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Price Performance

IIPR traded up $0.07 during trading on Friday, hitting $56.37. The company's stock had a trading volume of 129,652 shares, compared to its average volume of 324,473. 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 stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of 12.20 and a beta of 1.65. The firm's 50 day moving average price is $54.09 and its two-hundred day moving average price is $57.90. Innovative Industrial Properties, Inc. has a 12 month low of $45.44 and a 12 month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $1.71 EPS for the quarter, topping 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 analysts' expectations of $64.36 million. During the same quarter in the prior year, the business earned $2.06 earnings per share. The business's revenue for the quarter was down 21.2% on a year-over-year basis. Sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a $1.90 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.5%. Innovative Industrial Properties's payout ratio is currently 164.50%.

Analyst Ratings Changes

Separately, Wolfe Research cut 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 issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of "Hold" and an average target price of $78.67.

Innovative Industrial Properties 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.