Versor Investments LP Makes New Investment in Innovative Industrial Properties, Inc. $IIPR

Key Points

• Versor Investments LP has invested approximately $1.20 million in Innovative Industrial Properties, acquiring 22,245 shares and representing 0.08% ownership as of the latest SEC filing.
• Wolfe Research downgraded the stock rating of Innovative Industrial Properties from "outperform" to "peer perform," with a current consensus rating of "Hold" and a price target of $78.67.
• The company announced a $1.90 quarterly dividend, yielding 14.5%, with a payout ratio of 164.50%, indicating a significant return to shareholders despite recent financial challenges.

Versor Investments LP acquired a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 22,245 shares of the company's stock, valued at approximately $1,203,000. Versor Investments LP owned 0.08% of Innovative Industrial Properties as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GF Fund Management CO. LTD. bought a new position in shares of Innovative Industrial Properties during the 4th quarter worth about $34,000. SSA Swiss Advisors AG bought a new position in shares of Innovative Industrial Properties during the 1st quarter worth about $33,000. PSI Advisors LLC increased its holdings in shares of Innovative Industrial Properties by 454.5% during the 1st quarter. PSI Advisors LLC now owns 610 shares of the company's stock worth $33,000 after purchasing an additional 500 shares during the period. Signaturefd LLC increased its holdings in shares of Innovative Industrial Properties by 49.7% during the 1st quarter. Signaturefd LLC now owns 756 shares of the company's stock worth $41,000 after purchasing an additional 251 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Innovative Industrial Properties during the 4th quarter worth about $56,000. Institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Price Performance

NYSE IIPR traded down $0.6560 on Thursday, reaching $52.1140. The company's stock had a trading volume of 225,960 shares, compared to its average volume of 326,747. The firm has a market cap of $1.46 billion, a PE ratio of 11.28 and a beta of 1.65. The business has a 50-day moving average price of $54.34 and a 200 day moving average price of $58.67. Innovative Industrial Properties, Inc. has a 52 week low of $45.44 and a 52 week high of $138.35. 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 (NYSE:IIPR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $1.71 earnings per share for the quarter, beating analysts' consensus estimates of $1.68 by $0.03. The business had revenue of $62.89 million for the quarter, compared to analysts' expectations of $64.36 million. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The firm's revenue for the quarter was down 21.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.06 earnings per share. Sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 14.6%. The ex-dividend date of this dividend was Monday, June 30th. Innovative Industrial Properties's dividend payout ratio is currently 164.50%.

Analyst Upgrades and Downgrades

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

Innovative Industrial Properties Company 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.