Allianz Asset Management GmbH Acquires Shares of 17,510 Innovative Industrial Properties, Inc. (NYSE:IIPR)

Allianz Asset Management GmbH bought a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 17,510 shares of the company’s stock, valued at approximately $947,000. Allianz Asset Management GmbH owned 0.06% of Innovative Industrial Properties as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. PSI Advisors LLC lifted 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 acquiring an additional 500 shares during the period. GF Fund Management CO. LTD. bought a new position in Innovative Industrial Properties in the fourth quarter valued at approximately $34,000. Signaturefd LLC raised its position in Innovative Industrial Properties by 49.7% during the first quarter. Signaturefd LLC now owns 756 shares of the company’s stock valued at $41,000 after purchasing an additional 251 shares in the last quarter. Headlands Technologies LLC bought a new stake in Innovative Industrial Properties during the fourth quarter worth $50,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Innovative Industrial Properties during the fourth quarter worth $56,000. 70.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IIPR has been the subject of a number of research analyst reports. Piper Sandler lowered their price target on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a report on Tuesday, April 15th. Wolfe Research downgraded Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, July 2nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of “Hold” and an average price target of $78.67.

Innovative Industrial Properties Price Performance

Shares of IIPR opened at $51.74 on Friday. The firm has a market cap of $1.45 billion, a PE ratio of 9.95 and a beta of 1.69. Innovative Industrial Properties, Inc. has a 52-week low of $45.44 and a 52-week high of $138.35. The business’s 50 day moving average price is $55.59 and its two-hundred day moving average price is $60.32. The company has a debt-to-equity ratio of 0.15, a quick ratio of 10.73 and a current ratio of 10.73.

Innovative Industrial Properties (NYSE:IIPR) last issued 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). Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 50.30%. The company had revenue of $71.72 million for the quarter, compared to the consensus estimate of $72.20 million. During the same period in the prior year, the company earned $2.21 earnings per share. The firm’s revenue was down 5.7% compared to the same quarter last year. On average, equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.7%. The ex-dividend date was Monday, June 30th. Innovative Industrial Properties’s dividend payout ratio is currently 146.15%.

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.