105,673 Shares in Innovative Industrial Properties, Inc. $IIPR Acquired by Nuveen LLC

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) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 105,673 shares of the company's stock, valued at approximately $5,716,000. Nuveen LLC owned approximately 0.38% of Innovative Industrial Properties at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IIPR. Geode Capital Management LLC lifted its holdings in Innovative Industrial Properties by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 55,179 shares of the company's stock valued at $3,687,000 after buying an additional 2,307 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Innovative Industrial Properties by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 16,543 shares of the company's stock valued at $1,102,000 after purchasing an additional 3,603 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Innovative Industrial Properties by 106.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 5,532 shares of the company's stock valued at $369,000 after purchasing an additional 2,849 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at about $567,000. Finally, Barclays PLC raised its holdings in shares of Innovative Industrial Properties by 5.8% in the 4th quarter. Barclays PLC now owns 50,753 shares of the company's stock valued at $3,383,000 after purchasing an additional 2,765 shares in the last quarter. Institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Stock Up 0.4%

Shares of NYSE:IIPR traded up $0.22 during trading hours on Friday, hitting $56.52. The company's stock had a trading volume of 238,202 shares, compared to its average volume of 392,493. Innovative Industrial Properties, Inc. has a 52 week low of $45.44 and a 52 week high of $138.35. The company has a debt-to-equity ratio of 0.16, a current ratio of 10.30 and a quick ratio of 10.30. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 12.23 and a beta of 1.61. The firm's fifty day moving average price is $54.06 and its 200 day moving average price is $57.55.

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

Innovative Industrial Properties Announces Dividend

The company also recently disclosed 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. This represents a $7.60 annualized dividend and a dividend yield of 13.4%. The ex-dividend date was Monday, June 30th. Innovative Industrial Properties's payout ratio is 164.50%.

Wall Street Analyst Weigh In

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

Innovative Industrial Properties Company 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.