Daiwa Securities Group Inc. Purchases 632 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Daiwa Securities Group Inc. raised its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 7.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,443 shares of the company’s stock after purchasing an additional 632 shares during the period. Daiwa Securities Group Inc.’s holdings in Innovative Industrial Properties were worth $1,271,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Innovative Industrial Properties by 4.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 21,533 shares of the company’s stock valued at $2,230,000 after buying an additional 1,007 shares during the period. Cetera Advisors LLC acquired a new position in shares of Innovative Industrial Properties in the first quarter valued at approximately $201,000. Cape Investment Advisory Inc. boosted its holdings in shares of Innovative Industrial Properties by 11.6% in the first quarter. Cape Investment Advisory Inc. now owns 1,098 shares of the company’s stock valued at $114,000 after buying an additional 114 shares during the period. Everence Capital Management Inc. acquired a new position in shares of Innovative Industrial Properties in the second quarter valued at approximately $253,000. Finally, QRG Capital Management Inc. boosted its holdings in shares of Innovative Industrial Properties by 19.9% in the second quarter. QRG Capital Management Inc. now owns 4,479 shares of the company’s stock valued at $489,000 after buying an additional 742 shares during the period. Institutional investors own 70.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on IIPR shares. Piper Sandler reduced their target price on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a report on Friday, November 8th. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Finally, Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $127.67.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $109.17 on Friday. The stock has a market cap of $3.09 billion, a P/E ratio of 19.43 and a beta of 1.37. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The company has a fifty day moving average price of $123.47 and a two-hundred day moving average price of $118.63. Innovative Industrial Properties, Inc. has a one year low of $80.24 and a one year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.29 EPS. As a group, equities analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 6.96%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s payout ratio is presently 135.23%.

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.