Innovative Industrial Properties, Inc. $IIPR Shares Bought by TrueWealth Advisors LLC

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

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IIPR. Flaharty Asset Management LLC bought a new position in shares of Innovative Industrial Properties during the first quarter worth $27,000. PSI Advisors LLC lifted its holdings in shares of Innovative Industrial Properties by 454.5% in the 1st quarter. PSI Advisors LLC now owns 610 shares of the company's stock worth $33,000 after acquiring an additional 500 shares during the last quarter. SSA Swiss Advisors AG bought a new stake in shares of Innovative Industrial Properties in the 1st quarter worth about $33,000. GF Fund Management CO. LTD. purchased a new position in Innovative Industrial Properties in the 4th quarter worth about $34,000. Finally, Signaturefd LLC lifted its holdings in shares of Innovative Industrial Properties by 49.7% in the 1st quarter. Signaturefd LLC now owns 756 shares of the company's stock worth $41,000 after buying an additional 251 shares during the period. Institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Stock Down 0.7%

IIPR stock traded down $0.42 during trading on Friday, hitting $57.85. 141,484 shares of the company's stock traded hands, compared to its average volume of 317,969. The firm has a market capitalization of $1.62 billion, a P/E ratio of 12.51 and a beta of 1.61. The business has a fifty day simple moving average of $54.04 and a two-hundred day simple moving average of $56.20. 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 1 year low of $45.44 and a 1 year high of $138.35.

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 analysts' consensus estimates of $1.68 by $0.03. Innovative Industrial Properties had a return on equity of 7.26% and a net margin of 47.71%.The business had revenue of $62.89 million for the quarter, compared to the consensus estimate of $64.36 million. During the same period in the prior year, the firm posted $2.06 earnings per share. The business's quarterly revenue was down 21.2% on a year-over-year basis. Sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 13.1%. The ex-dividend date is Tuesday, September 30th. Innovative Industrial Properties's payout ratio is presently 164.50%.

Wall Street Analysts Forecast Growth

Separately, Wolfe Research downgraded shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 2nd. One research 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 company. According to data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of "Hold" and a consensus 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.