Nuveen LLC Takes $5.72 Million Position in Innovative Industrial Properties, Inc. $IIPR

Key Points

• Nuveen LLC invested approximately $5.72 million in Innovative Industrial Properties, Inc., purchasing 105,673 shares and increasing its ownership to 0.38% as of its latest SEC filing.
• Innovative Industrial Properties reported earnings per share (EPS) of $1.71, exceeding analyst estimates of $1.68, despite a 21.2% decline in revenue year-over-year.
• The company declared a quarterly dividend of $1.90 per share, resulting in an annualized yield of 13.8%, with a payout ratio of 164.50%.

Nuveen LLC acquired a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 105,673 shares of the company's stock, valued at approximately $5,716,000. Nuveen LLC owned about 0.38% of Innovative Industrial Properties at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Innovative Industrial Properties by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 4,469,353 shares of the company's stock valued at $241,747,000 after purchasing an additional 45,617 shares during the last quarter. Northern Trust Corp grew its position in Innovative Industrial Properties by 20.6% during the 4th quarter. Northern Trust Corp now owns 435,879 shares of the company's stock worth $29,047,000 after acquiring an additional 74,342 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Innovative Industrial Properties by 2.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 342,123 shares of the company's stock worth $22,799,000 after acquiring an additional 7,272 shares during the last quarter. Principal Financial Group Inc. grew its position in Innovative Industrial Properties by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 155,355 shares of the company's stock worth $8,403,000 after acquiring an additional 3,961 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in Innovative Industrial Properties during the 4th quarter worth approximately $9,615,000. 70.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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 research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $78.67.

Innovative Industrial Properties Stock Performance

Innovative Industrial Properties stock traded up $0.22 during mid-day trading on Friday, reaching $56.52. 238,202 shares of the stock traded hands, compared to its average volume of 395,130. The stock has a market capitalization of $1.58 billion, a PE ratio of 12.23 and a beta of 1.65. The company has a debt-to-equity ratio of 0.16, a current ratio of 10.30 and a quick ratio of 10.30. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-month high of $138.35. The business's 50-day moving average is $54.06 and its 200-day moving average is $57.78.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released 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. The business had revenue of $62.89 million during the quarter, compared to analyst estimates of $64.36 million. Innovative Industrial Properties had a return on equity of 7.26% and a net margin of 47.71%.Innovative Industrial Properties's revenue for the quarter was down 21.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.06 earnings per share. As a group, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid 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 13.4%. Innovative Industrial Properties's dividend payout ratio is presently 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.