Daiwa Securities Group Inc. Sells 431 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Daiwa Securities Group Inc. reduced its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 4.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Klein Pavlis & Peasley Financial Inc. bought a new position in shares of Innovative Industrial Properties during the fourth quarter valued at $1,472,000. Victory Capital Management Inc. lifted its holdings in Innovative Industrial Properties by 250.7% in the third quarter. Victory Capital Management Inc. now owns 16,712 shares of the company’s stock valued at $1,264,000 after acquiring an additional 11,947 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Innovative Industrial Properties by 3.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 363,500 shares of the company’s stock valued at $27,502,000 after acquiring an additional 12,026 shares during the period. International Assets Investment Management LLC bought a new position in Innovative Industrial Properties in the fourth quarter valued at about $14,952,000. Finally, Campbell & CO Investment Adviser LLC lifted its holdings in Innovative Industrial Properties by 87.7% in the third quarter. Campbell & CO Investment Adviser LLC now owns 12,988 shares of the company’s stock valued at $983,000 after acquiring an additional 6,070 shares during the period. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Stock Performance

Shares of IIPR opened at $98.76 on Thursday. The company has a quick ratio of 14.22, a current ratio of 14.22 and a debt-to-equity ratio of 0.16. The business has a 50-day simple moving average of $97.38 and a two-hundred day simple moving average of $90.56. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 17.12 and a beta of 1.49. Innovative Industrial Properties, Inc. has a 52 week low of $63.36 and a 52 week high of $105.81.

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 company had revenue of $79.16 million during the quarter, compared to analysts’ expectations of $76.55 million. On average, analysts expect that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced 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. This represents a $7.28 annualized dividend and a dividend yield of 7.37%. The ex-dividend date of this dividend was Wednesday, March 27th. Innovative Industrial Properties’s dividend payout ratio is currently 126.17%.

Analysts Set New Price Targets

A number of research analysts have weighed in on IIPR shares. Piper Sandler increased their target price 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 upgraded Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research report on Wednesday, January 10th. Four investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Innovative Industrial Properties currently has an average rating of “Hold” and a consensus 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.