Allianz Asset Management GmbH Sells 1,855 Shares of Innovative Industrial Properties, Inc. $IIPR

Allianz Asset Management GmbH cut its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 10.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,655 shares of the company’s stock after selling 1,855 shares during the period. Allianz Asset Management GmbH owned about 0.06% of Innovative Industrial Properties worth $864,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of IIPR. Flaharty Asset Management LLC bought a new position in shares of Innovative Industrial Properties in the first quarter valued at approximately $27,000. AdvisorNet Financial Inc boosted its stake in Innovative Industrial Properties by 50.3% in the second quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock valued at $31,000 after acquiring an additional 187 shares during the last quarter. SSA Swiss Advisors AG purchased a new position in Innovative Industrial Properties in the first quarter valued at about $33,000. Signaturefd LLC boosted its stake in Innovative Industrial Properties by 49.7% in the first quarter. Signaturefd LLC now owns 756 shares of the company’s stock valued at $41,000 after acquiring an additional 251 shares during the last quarter. Finally, Legend Financial Advisors Inc. purchased a new position in Innovative Industrial Properties in the second quarter valued at about $44,000. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $52.80 on Monday. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $135.78. The company has a debt-to-equity ratio of 0.16, a current ratio of 10.30 and a quick ratio of 10.30. The stock has a market capitalization of $1.48 billion, a PE ratio of 11.43 and a beta of 1.64. The company’s 50 day simple moving average is $55.06 and its two-hundred day simple moving average is $54.59.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, August 6th. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.03. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The business had revenue of $62.89 million for the quarter, compared to analysts’ expectations of $64.36 million. During the same period in the prior year, the company posted $2.06 EPS. The business’s revenue for the quarter was down 21.2% compared to the same quarter last year. 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 company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a $1.90 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $7.60 annualized dividend and a yield of 14.4%. Innovative Industrial Properties’s dividend payout ratio is currently 164.50%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Wolfe Research cut shares of Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, July 2nd. Weiss Ratings upgraded shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average 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.