Public Sector Pension Investment Board Boosts Holdings in Innovative Industrial Properties, Inc. $IIPR

Key Points

• The Public Sector Pension Investment Board increased its stake in Innovative Industrial Properties, Inc. by 48.9%, purchasing an additional 34,533 shares to hold a total of 105,113 shares valued at approximately $5.7 million.
• Despite beating earnings expectations with $1.71 per share, IIPR reported a 21.2% decline in revenue year-over-year, generating $62.89 million, falling short of analyst forecasts.
• The company recently declared a quarterly dividend of $1.90 per share, resulting in a strong yield of 14.5%, though it currently has a high payout ratio of 164.50%.

Public Sector Pension Investment Board raised its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 48.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 105,113 shares of the company's stock after acquiring an additional 34,533 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.38% of Innovative Industrial Properties worth $5,686,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IIPR. Nuveen LLC bought a new stake in shares of Innovative Industrial Properties in the first quarter valued at approximately $5,716,000. Aigen Investment Management LP bought a new stake in Innovative Industrial Properties during the 1st quarter worth approximately $238,000. Entropy Technologies LP bought a new stake in Innovative Industrial Properties during the 1st quarter worth approximately $275,000. Covestor Ltd increased its holdings in Innovative Industrial Properties by 73.9% during the 1st quarter. Covestor Ltd now owns 3,656 shares of the company's stock worth $198,000 after acquiring an additional 1,554 shares during the period. Finally, Koa Wealth Management LLC increased its holdings in Innovative Industrial Properties by 88.5% during the 1st quarter. Koa Wealth Management LLC now owns 60,174 shares of the company's stock worth $3,255,000 after acquiring an additional 28,248 shares during the period. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Up 1.0%

NYSE:IIPR traded up $0.5190 on Tuesday, reaching $52.5890. 252,392 shares of the stock traded hands, compared to its average volume of 371,510. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of 11.38 and a beta of 1.65. The company has a current ratio of 10.30, a quick ratio of 10.30 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a 12 month low of $45.44 and a 12 month high of $138.35. The company's fifty day simple moving average is $54.43 and its 200 day simple moving average is $58.71.

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 analysts' consensus estimates of $1.68 by $0.03. The firm had revenue of $62.89 million for the quarter, compared to the consensus estimate of $64.36 million. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The business's quarterly revenue was down 21.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.06 EPS. Equities analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $1.90 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.5%. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 164.50%.

Analyst Ratings Changes

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 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $78.67.

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.