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

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

A number of other hedge funds have also bought and sold shares of IIPR. CWA Asset Management Group LLC acquired a new stake in Innovative Industrial Properties during the third quarter worth about $713,000. Versor Investments LP grew its stake in Innovative Industrial Properties by 98.3% during the third quarter. Versor Investments LP now owns 12,227 shares of the company’s stock worth $1,646,000 after buying an additional 6,062 shares in the last quarter. Prevail Innovative Wealth Advisors LLC grew its stake in Innovative Industrial Properties by 30.0% during the second quarter. Prevail Innovative Wealth Advisors LLC now owns 25,689 shares of the company’s stock worth $2,806,000 after buying an additional 5,926 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in Innovative Industrial Properties by 97.5% during the second quarter. Thrivent Financial for Lutherans now owns 48,034 shares of the company’s stock worth $5,246,000 after buying an additional 23,709 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after buying an additional 45,779 shares in the last quarter. 70.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock opened at $109.17 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. Innovative Industrial Properties, Inc. has a 52-week low of $80.24 and a 52-week high of $138.35. The firm has a 50 day moving average price of $123.47 and a two-hundred day moving average price of $118.63. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 19.43 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same quarter in the previous year, the business posted $2.29 EPS. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. 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 paid a $1.90 dividend. The ex-dividend date was Monday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 6.96%. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

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.