Northern Trust Corp Lowers Position in Innovative Industrial Properties, Inc. $IIPR

Key Points

• Northern Trust Corp reduced its stake in Innovative Industrial Properties by 1.0% during the first quarter, now holding approximately 1.54% of the company valued at $23.34 million.
• Innovative Industrial Properties reported Q2 earnings of $1.71 EPS, beating analyst expectations, but experienced a 21.2% decline in revenue compared to the same quarter last year.
• The company announced a quarterly dividend with an annualized yield of 13.4% and a payout ratio of 164.50%.

Northern Trust Corp cut its position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 1.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 431,454 shares of the company's stock after selling 4,425 shares during the quarter. Northern Trust Corp owned 1.54% of Innovative Industrial Properties worth $23,337,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. PSI Advisors LLC raised its stake in shares of Innovative Industrial Properties by 454.5% during the 1st 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 bought a new position in shares of Innovative Industrial Properties during the first quarter worth about $33,000. GF Fund Management CO. LTD. bought a new position in Innovative Industrial Properties in the fourth quarter valued at approximately $34,000. Signaturefd LLC boosted its stake in Innovative Industrial Properties by 49.7% in the 1st quarter. Signaturefd LLC now owns 756 shares of the company's stock valued at $41,000 after purchasing an additional 251 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Innovative Industrial Properties in the 4th quarter valued at $56,000. Institutional investors and hedge funds own 70.58% of the company's stock.

Analyst Ratings Changes

Separately, Wolfe Research lowered Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $78.67.

Innovative Industrial Properties Price Performance

Shares of IIPR traded up $0.31 during midday trading on Friday, reaching $56.96. The stock had a trading volume of 47,146 shares, compared to its average volume of 322,621. The company's 50-day moving average is $53.87 and its 200 day moving average is $57.28. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-month high of $138.35. The company has a current ratio of 10.30, a quick ratio of 10.30 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of 12.32 and a beta of 1.61.

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

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 13.3%. The ex-dividend date of this dividend was Monday, June 30th. Innovative Industrial Properties's payout ratio is currently 164.50%.

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.