Hussman Strategic Advisors Inc. Invests $700,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Hussman Strategic Advisors Inc. acquired a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 10,500 shares of the company’s stock, valued at approximately $700,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Truist Financial Corp lifted its stake in Innovative Industrial Properties by 9.0% during the fourth quarter. Truist Financial Corp now owns 11,649 shares of the company’s stock worth $776,000 after purchasing an additional 964 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Innovative Industrial Properties by 4.0% during the fourth quarter. Principal Financial Group Inc. now owns 151,394 shares of the company’s stock worth $10,089,000 after purchasing an additional 5,881 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its stake in Innovative Industrial Properties by 25.8% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 19,766 shares of the company’s stock worth $1,317,000 after purchasing an additional 4,059 shares during the last quarter. Sierra Ocean LLC purchased a new stake in Innovative Industrial Properties during the fourth quarter worth approximately $77,000. Finally, Principal Securities Inc. lifted its stake in Innovative Industrial Properties by 31.1% during the fourth quarter. Principal Securities Inc. now owns 1,192 shares of the company’s stock worth $79,000 after purchasing an additional 283 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $72.86 on Friday. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a twelve month low of $62.45 and a twelve month high of $138.35. The stock has a 50 day moving average of $72.81 and a two-hundred day moving average of $104.66. The stock has a market cap of $2.06 billion, a P/E ratio of 12.96 and a beta of 1.40.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting the consensus estimate of $2.22. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. On average, research analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 10.43%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Wall Street Analyst Weigh In

IIPR has been the subject of several recent analyst reports. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $125.00 to $78.00 in a research note on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $104.50.

Innovative Industrial Properties 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.