Sumitomo Mitsui DS Asset Management Company Ltd Trims Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 18.4% in the 3rd quarter, Holdings Channel reports. The firm owned 6,975 shares of the company’s stock after selling 1,577 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Innovative Industrial Properties were worth $939,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in IIPR. Vanguard Group Inc. increased its holdings in Innovative Industrial Properties by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock worth $456,705,000 after purchasing an additional 28,111 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Innovative Industrial Properties by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock valued at $36,774,000 after acquiring an additional 10,615 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after acquiring an additional 45,779 shares during the period. Tidal Investments LLC grew its holdings in Innovative Industrial Properties by 1,465.1% during the 1st quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock worth $24,532,000 after acquiring an additional 221,791 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Innovative Industrial Properties by 18.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,159 shares of the company’s stock valued at $21,242,000 after purchasing an additional 31,313 shares during the period. 70.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on IIPR shares. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Piper Sandler lifted their price target on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Finally, Roth Mkm raised their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 22nd.

Innovative Industrial Properties Stock Up 0.5 %

Innovative Industrial Properties stock opened at $131.49 on Wednesday. Innovative Industrial Properties, Inc. has a 1-year low of $69.08 and a 1-year high of $138.35. The business has a fifty day moving average price of $128.25 and a 200-day moving average price of $115.90. The company has a debt-to-equity ratio of 0.15, a current ratio of 18.06 and a quick ratio of 18.06. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of 23.07 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The business had revenue of $79.79 million during the quarter, compared to analyst estimates of $77.18 million. During the same period in the prior year, the business posted $2.26 EPS. Innovative Industrial Properties’s revenue was up 4.4% compared to the same quarter last year. Equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.90 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 5.78%. Innovative Industrial Properties’s dividend payout ratio is currently 133.33%.

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.