Sumitomo Mitsui Trust Holdings Inc. Has $3.34 Million Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Sumitomo Mitsui Trust Holdings Inc. grew its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 5.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 33,085 shares of the company’s stock after buying an additional 1,725 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Innovative Industrial Properties were worth $3,336,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Van ECK Associates Corp increased its position in shares of Innovative Industrial Properties by 4.3% in the 3rd quarter. Van ECK Associates Corp now owns 3,271 shares of the company’s stock valued at $247,000 after buying an additional 136 shares in the last quarter. Detalus Advisors LLC increased its holdings in Innovative Industrial Properties by 3.5% during the 3rd quarter. Detalus Advisors LLC now owns 4,132 shares of the company’s stock worth $313,000 after purchasing an additional 140 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings 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 purchasing an additional 144 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Innovative Industrial Properties by 2.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 8,898 shares of the company’s stock worth $673,000 after purchasing an additional 207 shares in the last quarter. Finally, Independence Bank of Kentucky increased its holdings in Innovative Industrial Properties by 82.9% during the 4th quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock worth $65,000 after purchasing an additional 290 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $98.76 on Thursday. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of 17.12 and a beta of 1.49. The business has a 50-day moving average of $97.38 and a 200-day moving average of $90.56. 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, Inc. has a fifty-two week low of $63.36 and a fifty-two week high of $105.81.

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

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $1.82 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $7.28 annualized dividend and a yield of 7.37%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 126.17%.

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.