Innovative Industrial Properties, Inc. (NYSE:IIPR) Position Lessened by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. has reduced its stake in Innovative Industrial Properties by 67.0%, owning 207,970 shares after selling 422,370 shares.
• Several analysts have revised their ratings on IIPR, with Industrial Alliance Securities maintaining a "neutral" stance, while Wolfe Research downgraded the stock from "outperform" to "peer perform."
• Innovative Industrial Properties recently declared a quarterly dividend of $1.90 per share, resulting in a dividend yield of 14.19%.

Pacer Advisors Inc. trimmed its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 67.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 207,970 shares of the company's stock after selling 422,370 shares during the quarter. Pacer Advisors Inc. owned about 0.74% of Innovative Industrial Properties worth $11,249,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in IIPR. Vanguard Group Inc. boosted its stake in Innovative Industrial Properties by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company's stock valued at $294,798,000 after purchasing an additional 64,908 shares in the last quarter. Northern Trust Corp boosted its stake in Innovative Industrial Properties by 20.6% during the 4th quarter. Northern Trust Corp now owns 435,879 shares of the company's stock valued at $29,047,000 after purchasing an additional 74,342 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake 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 valued at $22,799,000 after purchasing an additional 7,272 shares in the last quarter. Norges Bank bought a new position in Innovative Industrial Properties during the 4th quarter valued at $22,635,000. Finally, Invesco Ltd. boosted its stake in Innovative Industrial Properties by 16.2% during the 4th quarter. Invesco Ltd. now owns 278,053 shares of the company's stock valued at $18,529,000 after purchasing an additional 38,832 shares in the last quarter. 70.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

IIPR has been the subject of a number of research reports. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Wolfe Research lowered Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 2nd. Finally, Piper Sandler cut their price objective on Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research report on Tuesday, April 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $78.67.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR traded down $0.46 on Wednesday, reaching $52.78. 44,289 shares of the company traded hands, compared to its average volume of 314,963. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $138.35. The company's 50 day moving average is $55.73 and its 200-day moving average is $60.46. The stock has a market capitalization of $1.48 billion, a PE ratio of 10.15 and a beta of 1.69. The company has a debt-to-equity ratio of 0.15, a current ratio of 10.73 and a quick ratio of 10.73.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.06 by ($0.12). The business had revenue of $71.72 million during the quarter, compared to analysts' expectations of $72.20 million. Innovative Industrial Properties had a net margin of 50.30% and a return on equity of 8.01%. Innovative Industrial Properties's revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.21 EPS. As a group, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $1.90 dividend. The ex-dividend date was Monday, June 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.40%. Innovative Industrial Properties's payout ratio is currently 146.15%.

About Innovative Industrial Properties

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.