Corebridge Financial Inc. Sells 289 Shares of Innovative Industrial Properties, Inc. $IIPR

Corebridge Financial Inc. decreased its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,722 shares of the company’s stock after selling 289 shares during the quarter. Corebridge Financial Inc. owned about 0.05% of Innovative Industrial Properties worth $796,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Nissay Asset Management Corp Japan ADV boosted its position in shares of Innovative Industrial Properties by 4.0% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company’s stock worth $288,000 after acquiring an additional 164 shares during the last quarter. Signaturefd LLC boosted its position in shares of Innovative Industrial Properties by 49.7% during the first quarter. Signaturefd LLC now owns 756 shares of the company’s stock worth $41,000 after acquiring an additional 251 shares during the last quarter. Principal Securities Inc. boosted its position in shares of Innovative Industrial Properties by 25.4% during the first quarter. Principal Securities Inc. now owns 1,495 shares of the company’s stock worth $81,000 after acquiring an additional 303 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Innovative Industrial Properties by 6.9% during the first quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company’s stock worth $267,000 after acquiring an additional 319 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its stake in Innovative Industrial Properties by 1.5% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 27,727 shares of the company’s stock valued at $1,500,000 after purchasing an additional 411 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Up 1.2%

Shares of IIPR opened at $57.32 on Friday. Innovative Industrial Properties, Inc. has a twelve month low of $45.44 and a twelve month high of $138.35. The company has a market cap of $1.61 billion, a P/E ratio of 12.41 and a beta of 1.61. The company has a current ratio of 10.30, a quick ratio of 10.30 and a debt-to-equity ratio of 0.16. The company’s fifty day simple moving average is $53.87 and its 200-day simple moving average is $57.06.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.68 by $0.03. The company had revenue of $62.89 million for the quarter, compared to the consensus estimate of $64.36 million. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The firm’s revenue was down 21.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.06 EPS. As a group, analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 13.3%. The ex-dividend date of this dividend was Monday, June 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 164.50%.

Wall Street Analysts Forecast Growth

Separately, Wolfe Research downgraded shares of Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, July 2nd. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price 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.