Cetera Investment Advisers Acquires 522 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Cetera Investment Advisers grew its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 3.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,762 shares of the company’s stock after acquiring an additional 522 shares during the quarter. Cetera Investment Advisers’ holdings in Innovative Industrial Properties were worth $744,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of IIPR. Summit Investment Advisors Inc. grew its stake in Innovative Industrial Properties by 5.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company’s stock valued at $196,000 after purchasing an additional 160 shares during the period. Nissay Asset Management Corp Japan ADV raised its holdings in shares of Innovative Industrial Properties by 4.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company’s stock valued at $288,000 after acquiring an additional 164 shares in the last quarter. Pinebridge Investments L.P. raised its holdings in shares of Innovative Industrial Properties by 4.3% in the 4th quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company’s stock valued at $312,000 after acquiring an additional 193 shares in the last quarter. Signaturefd LLC increased its position in shares of Innovative Industrial Properties by 49.7% during the 1st quarter. Signaturefd LLC now owns 756 shares of the company’s stock valued at $41,000 after purchasing an additional 251 shares during the last quarter. Finally, Principal Securities Inc. increased its position in shares of Innovative Industrial Properties by 25.4% during the 1st quarter. Principal Securities Inc. now owns 1,495 shares of the company’s stock valued at $81,000 after purchasing an additional 303 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Down 2.6%

Innovative Industrial Properties stock opened at $53.26 on Friday. The company has a current ratio of 10.30, a quick ratio of 10.30 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a 12 month low of $45.44 and a 12 month high of $138.35. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of 11.53 and a beta of 1.65. The stock has a fifty day simple moving average of $54.67 and a two-hundred day simple moving average of $59.15.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.03. Innovative Industrial Properties had a return on equity of 7.26% and a net margin of 47.71%. The business had revenue of $62.89 million during the quarter, compared to analyst estimates of $64.36 million. During the same quarter in the previous year, the company posted $2.06 earnings per share. Innovative Industrial Properties’s revenue for the quarter was down 21.2% on a year-over-year basis. Equities analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.3%. The ex-dividend date was Monday, June 30th. Innovative Industrial Properties’s payout ratio is currently 164.50%.

Analyst Upgrades and Downgrades

Separately, Wolfe Research lowered Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has issued 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.

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.