Teacher Retirement System of Texas Decreases Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Teacher Retirement System of Texas cut its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 27.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,142 shares of the company’s stock after selling 1,589 shares during the quarter. Teacher Retirement System of Texas’ holdings in Innovative Industrial Properties were worth $224,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. PSI Advisors LLC raised its holdings in shares of Innovative Industrial Properties by 454.5% during the first 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. GF Fund Management CO. LTD. acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $34,000. Headlands Technologies LLC acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $50,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $56,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $57,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $52.42 on Friday. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-month high of $138.35. The stock has a market capitalization of $1.47 billion, a PE ratio of 10.08 and a beta of 1.69. The company has a quick ratio of 10.73, a current ratio of 10.73 and a debt-to-equity ratio of 0.15. The company has a 50 day moving average price of $56.08 and a two-hundred day moving average price of $61.07.

Innovative Industrial Properties (NYSE:IIPR) 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). 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 during the quarter, compared to the consensus estimate of $72.20 million. During the same period in the prior year, the business earned $2.21 EPS. The company’s revenue for the quarter was down 5.7% compared to the same quarter last year. As a group, equities analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend was Monday, June 30th. This represents a $7.60 dividend on an annualized basis and a yield of 14.50%. Innovative Industrial Properties’s dividend payout ratio is currently 146.15%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Industrial Alliance Securities reaffirmed a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Wolfe Research lowered shares of Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, July 2nd. Piper Sandler decreased 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. Finally, Compass Point reiterated a “sell” rating and issued a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $78.67.

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.