Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) by 17.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,230 shares of the company's stock after buying an additional 485 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Innovative Industrial Properties were worth $355,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors also recently modified their holdings of the company. Stephens Inc. AR grew its position in shares of Innovative Industrial Properties by 10.7% during the 1st quarter. Stephens Inc. AR now owns 2,236 shares of the company's stock worth $459,000 after buying an additional 216 shares during the period. Virginia Retirement Systems ET AL grew its position in shares of Innovative Industrial Properties by 1.0% during the 1st quarter. Virginia Retirement Systems ET AL now owns 20,000 shares of the company's stock worth $4,108,000 after buying an additional 200 shares during the period. Baldwin Brothers LLC MA acquired a new stake in shares of Innovative Industrial Properties during the 1st quarter worth approximately $67,000. Cooper Financial Group grew its position in shares of Innovative Industrial Properties by 13.9% during the 1st quarter. Cooper Financial Group now owns 3,065 shares of the company's stock worth $630,000 after buying an additional 373 shares during the period. Finally, Golden State Wealth Management LLC acquired a new stake in Innovative Industrial Properties in the 4th quarter valued at $227,000. Institutional investors and hedge funds own 76.07% of the company's stock.Get Innovative Industrial Properties alerts:
Analyst Ratings Changes
Several research firms recently issued reports on IIPR. Compass Point raised shares of Innovative Industrial Properties from a "neutral" rating to a "buy" rating and lifted their price target for the company from $100.00 to $175.00 in a research report on Monday, September 19th. TheStreet downgraded shares of Innovative Industrial Properties from a "b-" rating to a "c+" rating in a research report on Monday, July 25th. JMP Securities reduced their price target on shares of Innovative Industrial Properties from $190.00 to $150.00 and set a "market outperform" rating for the company in a research report on Tuesday, July 19th. BTIG Research reduced their price target on shares of Innovative Industrial Properties from $290.00 to $248.00 and set a "buy" rating for the company in a research report on Friday, July 15th. Finally, Craig Hallum reduced their price target on shares of Innovative Industrial Properties from $175.00 to $125.00 in a research report on Monday, July 18th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Innovative Industrial Properties has a consensus rating of "Moderate Buy" and a consensus target price of $166.60.
Insider Transactions at Innovative Industrial PropertiesIn other Innovative Industrial Properties news, Chairman Alan D. Gold bought 1,000 shares of the stock in a transaction dated Wednesday, August 10th. The shares were bought at an average cost of $94.22 per share, for a total transaction of $94,220.00. Following the purchase, the chairman now directly owns 212,308 shares of the company's stock, valued at approximately $20,003,659.76. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.50% of the company's stock.
Innovative Industrial Properties Price Performance
Shares of NYSE:IIPR opened at $92.07 on Monday. The company has a current ratio of 55.21, a quick ratio of 55.21 and a debt-to-equity ratio of 0.15. The stock's fifty day simple moving average is $94.82 and its two-hundred day simple moving average is $129.18. Innovative Industrial Properties, Inc. has a 1-year low of $87.47 and a 1-year high of $288.02. The stock has a market cap of $2.58 billion, a PE ratio of 18.12 and a beta of 1.63.
Innovative Industrial Properties (NYSE:IIPR – Get Rating) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $1.42 earnings per share for the quarter, missing the consensus estimate of $1.86 by ($0.44). Innovative Industrial Properties had a net margin of 54.07% and a return on equity of 8.01%. The company had revenue of $70.51 million for the quarter, compared to the consensus estimate of $68.50 million. As a group, analysts forecast that Innovative Industrial Properties, Inc. will post 7.82 EPS for the current fiscal year.
Innovative Industrial Properties Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 7.82%. This is a boost from Innovative Industrial Properties's previous quarterly dividend of $1.75. The ex-dividend date of this dividend is Thursday, September 29th. Innovative Industrial Properties's payout ratio is presently 137.80%.
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 medical-use 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.
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