Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.9% in the third quarter, according to its most recent filing with the SEC. The firm owned 30,861 shares of the company’s stock after selling 587 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.11% of Innovative Industrial Properties worth $4,154,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of IIPR. USA Financial Formulas acquired a new position in Innovative Industrial Properties during the third quarter valued at $25,000. Blue Trust Inc. raised its position in Innovative Industrial Properties by 2,085.7% during the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after buying an additional 438 shares during the period. Signaturefd LLC grew its stake in Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares in the last quarter. Federated Hermes Inc. grew its stake in Innovative Industrial Properties by 138.1% in the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after purchasing an additional 312 shares in the last quarter. Finally, US Bancorp DE grew its stake in Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after purchasing an additional 189 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analyst Upgrades and Downgrades

IIPR has been the topic of a number of recent research reports. Piper Sandler lowered their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research note on Friday, November 8th. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Roth Mkm upped their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $127.67.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $104.76 on Tuesday. The business has a 50 day moving average price of $127.93 and a 200 day moving average price of $118.75. Innovative Industrial Properties, Inc. has a twelve month low of $77.88 and a twelve month high of $138.35. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 18.64 and a beta of 1.37. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The firm had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the business earned $2.29 earnings per share. Research analysts predict that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $1.90 dividend. The ex-dividend date was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 7.25%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 135.23%.

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.