TrueWealth Advisors LLC Grows Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

TrueWealth Advisors LLC lifted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 15.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 27,657 shares of the company’s stock after purchasing an additional 3,672 shares during the period. TrueWealth Advisors LLC owned 0.10% of Innovative Industrial Properties worth $1,843,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. USA Financial Formulas bought a new position in Innovative Industrial Properties in the 3rd quarter worth approximately $25,000. Canton Hathaway LLC bought a new position in Innovative Industrial Properties in the 3rd quarter worth about $55,000. Loomis Sayles & Co. L P grew its holdings in Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after buying an additional 407 shares in the last quarter. US Bancorp DE increased its position in shares of Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after buying an additional 189 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in shares of Innovative Industrial Properties by 138.1% in the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after buying an additional 312 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Up 1.9 %

Shares of Innovative Industrial Properties stock opened at $68.21 on Friday. Innovative Industrial Properties, Inc. has a 1 year low of $62.45 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The company has a 50-day moving average of $89.65 and a 200 day moving average of $112.20. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of 12.14 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same quarter in the prior year, the business posted $2.29 earnings per share. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 11.14%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is currently 135.23%.

Analyst Upgrades and Downgrades

Several research analysts have commented on IIPR shares. Piper Sandler downgraded shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their price target for the company from $118.00 to $70.00 in a report on Friday, December 20th. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Finally, BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $104.50.

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.