TrueWealth Advisors LLC Increases Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

TrueWealth Advisors LLC increased its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 58.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,760 shares of the company’s stock after buying an additional 16,103 shares during the quarter. Innovative Industrial Properties accounts for 0.8% of TrueWealth Advisors LLC’s investment portfolio, making the stock its 27th largest holding. TrueWealth Advisors LLC owned 0.15% of Innovative Industrial Properties worth $2,367,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Rhumbline Advisers lifted its position in shares of Innovative Industrial Properties by 0.5% during the 1st quarter. Rhumbline Advisers now owns 94,632 shares of the company’s stock worth $5,119,000 after buying an additional 454 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Innovative Industrial Properties by 5,838.0% during the first quarter. GAMMA Investing LLC now owns 32,184 shares of the company’s stock worth $17,410,000 after acquiring an additional 31,642 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Innovative Industrial Properties during the fourth quarter worth $1,820,000. Montchanin Asset Management LLC boosted its position in Innovative Industrial Properties by 39.8% in the fourth quarter. Montchanin Asset Management LLC now owns 10,530 shares of the company’s stock worth $702,000 after purchasing an additional 3,000 shares during the last quarter. Finally, GF Fund Management CO. LTD. bought a new position in Innovative Industrial Properties in the 4th quarter valued at $34,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Up 2.6%

IIPR opened at $55.65 on Wednesday. Innovative Industrial Properties, Inc. has a 12 month low of $45.44 and a 12 month high of $138.35. The company has a market cap of $1.56 billion, a PE ratio of 10.06 and a beta of 1.73. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The company has a 50 day moving average of $53.86 and a 200 day moving average of $70.17.

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

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $1.90 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.66%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 146.15%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on IIPR shares. Compass Point reissued a “sell” rating and issued a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Piper Sandler dropped their target price on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a research note on Tuesday, April 15th. Wolfe Research started coverage on shares of Innovative Industrial Properties in a research note on Wednesday, April 23rd. They set an “outperform” rating and a $57.00 price target for the company. Industrial Alliance Securities reaffirmed a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Finally, Roth Mkm reduced their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, February 21st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties presently has an average 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.