TrueWealth Advisors LLC Boosts Stake in Innovative Industrial Properties, Inc. $IIPR

Key Points

• TrueWealth Advisors LLC increased its stake in Innovative Industrial Properties by 40.3% during the 2nd quarter, acquiring a total of 61,389 shares valued at approximately $3.39 million.
• Several institutional investors, including BNP Paribas Financial Markets and Deutsche Bank AG, have also augmented their stakes in IIPR, reflecting growing interest among hedge funds.
• Analysts have set a consensus rating of Hold for Innovative Industrial Properties, with an average price target of $78.67, as the company faces a decrease in quarterly revenue compared to the previous year.

TrueWealth Advisors LLC raised its position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 40.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 61,389 shares of the company's stock after buying an additional 17,629 shares during the period. Innovative Industrial Properties accounts for 1.0% of TrueWealth Advisors LLC's investment portfolio, making the stock its 20th biggest holding. TrueWealth Advisors LLC owned 0.22% of Innovative Industrial Properties worth $3,390,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IIPR. BNP Paribas Financial Markets increased its stake in Innovative Industrial Properties by 57.6% in the 4th quarter. BNP Paribas Financial Markets now owns 10,876 shares of the company's stock valued at $725,000 after buying an additional 3,973 shares during the last quarter. Bank of America Corp DE increased its stake in Innovative Industrial Properties by 9.1% in the 4th quarter. Bank of America Corp DE now owns 16,759 shares of the company's stock valued at $1,117,000 after buying an additional 1,395 shares during the last quarter. Cetera Investment Advisers increased its stake in Innovative Industrial Properties by 6.3% in the 4th quarter. Cetera Investment Advisers now owns 13,240 shares of the company's stock valued at $882,000 after buying an additional 782 shares during the last quarter. Deutsche Bank AG increased its stake in shares of Innovative Industrial Properties by 32.6% during the 4th quarter. Deutsche Bank AG now owns 34,180 shares of the company's stock worth $2,278,000 after purchasing an additional 8,408 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Innovative Industrial Properties by 30.4% during the 4th quarter. Janus Henderson Group PLC now owns 24,186 shares of the company's stock worth $1,612,000 after purchasing an additional 5,636 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company's stock.

Analysts Set New Price Targets

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

Innovative Industrial Properties Trading Down 0.1%

Shares of IIPR stock opened at $57.03 on Friday. The company has a 50 day moving average of $53.91 and a 200-day moving average of $56.49. The company has a quick ratio of 10.30, a current 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 firm has a market cap of $1.60 billion, a P/E ratio of 12.34 and a beta of 1.61.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.03. The company 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 quarterly revenue was down 21.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.06 EPS. Sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

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.

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