Innovative Industrial Properties, Inc. (NYSE:IIPR) Stock Position Increased by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. lifted its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 5.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 33,085 shares of the company’s stock after buying an additional 1,725 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.12% of Innovative Industrial Properties worth $3,336,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new position in shares of Innovative Industrial Properties in the 4th quarter worth $14,952,000. American Assets Capital Advisers LLC purchased a new position in shares of Innovative Industrial Properties during the third quarter valued at $7,347,000. Schonfeld Strategic Advisors LLC grew its holdings in shares of Innovative Industrial Properties by 187.9% during the third quarter. Schonfeld Strategic Advisors LLC now owns 108,195 shares of the company’s stock valued at $8,186,000 after buying an additional 70,612 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Innovative Industrial Properties by 118.3% during the third quarter. Oppenheimer & Co. Inc. now owns 74,483 shares of the company’s stock valued at $5,635,000 after buying an additional 40,367 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Innovative Industrial Properties by 8.6% during the third quarter. Northern Trust Corp now owns 358,166 shares of the company’s stock valued at $27,099,000 after buying an additional 28,403 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $98.76 on Thursday. Innovative Industrial Properties, Inc. has a fifty-two week low of $63.36 and a fifty-two week high of $105.81. The business has a 50-day moving average of $97.38 and a two-hundred day moving average of $90.56. The stock has a market capitalization of $2.79 billion, a P/E ratio of 17.12 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.22 and a quick ratio of 14.22.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, February 26th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.62). Innovative Industrial Properties had a return on equity of 8.54% and a net margin of 53.50%. The company had revenue of $79.16 million during the quarter, compared to analyst estimates of $76.55 million. On average, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $1.82 per share. The ex-dividend date was Wednesday, March 27th. This represents a $7.28 annualized dividend and a dividend yield of 7.37%. Innovative Industrial Properties’s dividend payout ratio is presently 126.17%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on IIPR. Piper Sandler lifted their price target on Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. TheStreet raised Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research report on Wednesday, January 10th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $92.67.

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.