TrueWealth Advisors LLC Buys 16,103 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

TrueWealth Advisors LLC lifted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 58.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,760 shares of the company's stock after purchasing an additional 16,103 shares during the period. Innovative Industrial Properties accounts for about 0.8% of TrueWealth Advisors LLC's holdings, making the stock its 27th biggest position. TrueWealth Advisors LLC owned approximately 0.15% of Innovative Industrial Properties worth $2,367,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Innovative Industrial Properties by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company's stock valued at $294,798,000 after buying an additional 64,908 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Innovative Industrial Properties by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock valued at $30,958,000 after acquiring an additional 7,179 shares during the last quarter. Northern Trust Corp grew its position in shares of 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 acquiring an additional 74,342 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Innovative Industrial Properties by 25.8% during the 4th quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company's stock worth $25,233,000 after purchasing an additional 77,552 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Innovative Industrial Properties by 2.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 342,123 shares of the company's stock worth $22,799,000 after purchasing an additional 7,272 shares during the period. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Price Performance

NYSE:IIPR traded down $0.61 during mid-day trading on Thursday, hitting $54.73. 160,159 shares of the stock traded hands, compared to its average volume of 273,082. The business's 50-day moving average price is $53.69 and its 200 day moving average price is $70.06. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.53 billion, a PE ratio of 9.90 and a beta of 1.73. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing analysts' consensus estimates of $2.06 by ($0.12). The firm had revenue of $71.72 million for the quarter, compared to analysts' expectations of $72.20 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The firm's revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.21 earnings per share. On average, analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $1.90 dividend. The ex-dividend date was Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 13.89%. Innovative Industrial Properties's payout ratio is currently 146.15%.

Analyst Ratings Changes

A number of research firms have issued reports on IIPR. Compass Point reissued a "sell" rating and issued a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Roth Mkm lowered their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. Piper Sandler cut their target price on shares of 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. Wolfe Research assumed coverage on shares of Innovative Industrial Properties in a research note on Wednesday, April 23rd. They issued an "outperform" rating and a $57.00 target price for the company. Finally, Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has assigned 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 an average price target of $78.67.

Innovative Industrial Properties 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.