New Age Alpha Advisors LLC Makes New $2.92 Million Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Key Points

• New Age Alpha Advisors LLC has acquired 54,005 shares of Innovative Industrial Properties, Inc., valued at approximately $2.9 million, increasing their ownership to 0.19% of the company.
• Innovative Industrial Properties reported a 21.2% decline in quarterly revenue year-over-year, leading to earnings per share of $1.71, slightly above analysts' estimates.
• The company announced a quarterly dividend of $1.90, resulting in an annualized dividend yield of 16.6%, with a payout ratio of 146.15%.

New Age Alpha Advisors LLC bought a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 54,005 shares of the company's stock, valued at approximately $2,921,000. New Age Alpha Advisors LLC owned 0.19% of Innovative Industrial Properties at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PSI Advisors LLC grew 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 acquiring an additional 500 shares in the last quarter. SSA Swiss Advisors AG acquired a new position in shares of Innovative Industrial Properties in the 1st quarter valued at $33,000. GF Fund Management CO. LTD. acquired a new position in shares of Innovative Industrial Properties in the 4th quarter valued at $34,000. Signaturefd LLC grew 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 purchasing an additional 251 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Innovative Industrial Properties in the 4th quarter worth about $56,000. Hedge funds and other institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Stock Performance

IIPR traded up $1.37 on Monday, hitting $47.20. 206,695 shares of the company traded hands, compared to its average volume of 320,647. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-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 company has a 50 day moving average of $54.89 and a 200-day moving average of $59.47. The stock has a market capitalization of $1.32 billion, a PE ratio of 10.23 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 earnings per share (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 firm had revenue of $62.89 million during the quarter, compared to the consensus estimate of $64.36 million. During the same period in the prior year, the firm earned $2.06 EPS. The firm's quarterly revenue was down 21.2% compared to the same quarter last year. Sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $7.60 dividend on an annualized basis and a yield of 16.1%. Innovative Industrial Properties's payout ratio is currently 164.50%.

Analyst Upgrades and Downgrades

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