Victory Capital Management Inc. Reduces Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Key Points

• Victory Capital Management Inc. reduced its holdings in Innovative Industrial Properties by 51.0%, selling 16,074 shares and now owning 15,468 shares valued at $837,000.
• Analysts have set a new average target price of $78.67 for Innovative Industrial Properties, with a mixed rating that includes two sell ratings and one strong buy rating.
• Innovative Industrial Properties announced a quarterly dividend of $1.90 per share, reflecting an annualized yield of 14.7% and a payout ratio of 146.15%.

Victory Capital Management Inc. lessened its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 51.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,468 shares of the company's stock after selling 16,074 shares during the period. Victory Capital Management Inc. owned approximately 0.05% of Innovative Industrial Properties worth $837,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Innovative Industrial Properties by 1.5% during the 4th 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 last quarter. LPL Financial LLC raised its holdings in Innovative Industrial Properties by 30.4% during the 4th quarter. LPL Financial LLC now owns 39,919 shares of the company's stock valued at $2,660,000 after buying an additional 9,312 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Innovative Industrial Properties by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 155,355 shares of the company's stock valued at $8,403,000 after buying an additional 3,961 shares during the last quarter. Bank of America Corp DE raised its holdings in Innovative Industrial Properties by 9.1% during 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. Finally, Janney Montgomery Scott LLC raised its holdings in Innovative Industrial Properties by 6.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company's stock valued at $267,000 after buying an additional 319 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Wolfe Research lowered shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a report on Wednesday, July 2nd. Piper Sandler decreased their price target on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research note on Tuesday, April 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $78.67.

Innovative Industrial Properties Stock Down 0.7%

IIPR stock traded down $0.38 during trading on Friday, hitting $51.32. 290,640 shares of the stock traded hands, compared to its average volume of 253,116. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $138.35. The firm's 50 day moving average is $55.51 and its two-hundred day moving average is $60.21. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 9.87 and a beta of 1.65. The company has a debt-to-equity ratio of 0.15, a current ratio of 10.73 and a quick ratio of 10.73.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 50.30% and a return on equity of 8.01%. The firm had revenue of $71.72 million for the quarter, compared to analysts' expectations of $72.20 million. During the same period last year, the company posted $2.21 earnings per share. The business's revenue for the quarter was down 5.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 14.8%. The ex-dividend date of this dividend was Monday, June 30th. Innovative Industrial Properties's dividend payout ratio is 146.15%.

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.