Resona Asset Management Co. Ltd. Acquires New Shares in Innovative Industrial Properties, Inc. (NYSE:IIPR)

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

Several other hedge funds also recently modified their holdings of IIPR. Roberts Glore & Co. Inc. IL grew its position in shares of Innovative Industrial Properties by 4.6% in the 4th quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company's stock valued at $261,000 after acquiring an additional 172 shares during the period. Avantax Advisory Services Inc. lifted its stake in Innovative Industrial Properties by 2.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company's stock valued at $636,000 after purchasing an additional 192 shares during the last quarter. Baader Bank Aktiengesellschaft grew its holdings in Innovative Industrial Properties by 3.6% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 5,700 shares of the company's stock worth $378,000 after purchasing an additional 200 shares during the period. Captrust Financial Advisors grew its holdings in Innovative Industrial Properties by 11.6% during the third quarter. Captrust Financial Advisors now owns 2,050 shares of the company's stock worth $276,000 after purchasing an additional 213 shares during the period. Finally, American Century Companies Inc. increased its position in Innovative Industrial Properties by 1.7% during the fourth quarter. American Century Companies Inc. now owns 16,158 shares of the company's stock worth $1,077,000 after buying an additional 270 shares during the last quarter. Institutional investors own 70.58% of the company's stock.

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Insider Transactions at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now directly owns 1,346 shares of the company's stock, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.50% of the stock is owned by insiders.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR traded up $0.88 during mid-day trading on Wednesday, reaching $51.36. The company had a trading volume of 34,457 shares, compared to its average volume of 378,597. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35. The business's 50-day simple moving average is $65.08 and its 200 day simple moving average is $87.60. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 9.28 and a beta of 1.59.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting the consensus estimate of $2.22. The company had revenue of $76.74 million during the quarter, compared to analysts' expectations of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. On average, research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.80%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties's dividend payout ratio is presently 137.43%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Compass Point reiterated a "sell" rating and set a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research report on Tuesday. 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. BTIG Research cut shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research note on Monday, December 23rd. Finally, Alliance Global Partners lowered shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 23rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $83.00.

Innovative Industrial Properties Company 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.