Resona Asset Management Co. Ltd. Acquires Shares of 11,319 Innovative Industrial Properties, Inc. (NYSE:IIPR)

Resona Asset Management Co. Ltd. bought a new position in Innovative Industrial Properties, Inc. (NYSE:IIPRFree Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 11,319 shares of the company’s stock, valued at approximately $769,000.

Several other hedge funds and other institutional investors have also modified their holdings of IIPR. Bogart Wealth LLC acquired a new position in Innovative Industrial Properties during the fourth quarter worth $27,000. Compass Financial Services Inc acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter worth about $32,000. Smartleaf Asset Management LLC increased its position in shares of Innovative Industrial Properties by 182.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after purchasing an additional 417 shares in the last quarter. Headlands Technologies LLC bought a new position in Innovative Industrial Properties during the 4th quarter valued at about $50,000. Finally, Sierra Ocean LLC acquired a new position in Innovative Industrial Properties in the fourth quarter valued at about $77,000. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 6.3 %

Shares of IIPR opened at $48.52 on Friday. The stock’s fifty day simple moving average is $66.49 and its 200-day simple moving average is $89.37. The firm has a market capitalization of $1.37 billion, a PE ratio of 8.77 and a beta of 1.59. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-month high of $138.35. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPRGet Free Report) last released its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. As a group, research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 15.67%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is presently 137.43%.

Insiders Place Their Bets

In related news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the sale, the director now directly owns 1,346 shares of the company’s stock, valued at $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Piper Sandler cut their price objective on Innovative Industrial Properties from $60.00 to $55.00 and set an “underweight” rating for the company in a research report on Monday, March 31st. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Finally, Roth Mkm decreased their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Two research analysts have rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $85.00.

Check Out Our Latest Analysis on IIPR

Innovative Industrial Properties Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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