Daiwa Securities Group Inc. Cuts Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Daiwa Securities Group Inc. cut its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 4.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,467 shares of the company’s stock after selling 431 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Innovative Industrial Properties were worth $854,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Investors Research Corp increased its holdings in shares of Innovative Industrial Properties by 2.6% in the 4th quarter. Investors Research Corp now owns 5,000 shares of the company’s stock valued at $504,000 after acquiring an additional 125 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Innovative Industrial Properties by 5.5% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,085 shares of the company’s stock worth $3,336,000 after buying an additional 1,725 shares during the last quarter. Louisiana State Employees Retirement System purchased a new position in Innovative Industrial Properties during the 4th quarter worth $1,411,000. International Assets Investment Management LLC purchased a new position in Innovative Industrial Properties during the 4th quarter worth $14,952,000. Finally, Nisa Investment Advisors LLC grew its stake in Innovative Industrial Properties by 0.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 18,123 shares of the company’s stock worth $1,827,000 after buying an additional 144 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Performance

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

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Monday, February 26th. The company reported $1.45 EPS 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 firm had revenue of $79.16 million for the quarter, compared to analyst estimates of $76.55 million. As a group, research analysts predict that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current year.

Innovative Industrial Properties Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on IIPR shares. Piper Sandler boosted their target price on Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. TheStreet upgraded Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research note on Wednesday, January 10th. Four investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $92.67.

About Innovative Industrial Properties

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.