Nomura Asset Management Co. Ltd. Boosts Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Nomura Asset Management Co. Ltd. raised its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 6.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,250 shares of the company’s stock after buying an additional 2,200 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Innovative Industrial Properties were worth $2,482,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Bogart Wealth LLC bought a new stake in Innovative Industrial Properties in the 4th quarter valued at $27,000. Compass Financial Services Inc purchased a new position in shares of Innovative Industrial Properties during the fourth quarter valued at about $32,000. Smartleaf Asset Management LLC lifted its position in shares of Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after buying an additional 417 shares in the last quarter. Sierra Ocean LLC bought a new position in Innovative Industrial Properties during the fourth quarter valued at approximately $77,000. Finally, Principal Securities Inc. increased its stake in Innovative Industrial Properties by 31.1% in the 4th quarter. Principal Securities Inc. now owns 1,192 shares of the company’s stock worth $79,000 after acquiring an additional 283 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Up 1.5 %

IIPR opened at $56.67 on Thursday. Innovative Industrial Properties, Inc. has a one year low of $49.51 and a one year high of $138.35. 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 stock has a market cap of $1.61 billion, a price-to-earnings ratio of 10.25 and a beta of 1.49. The stock’s 50 day moving average price is $69.50 and its 200-day moving average price is $93.77.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.22. The business had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. On average, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a yield of 13.41%. Innovative Industrial Properties’s dividend payout ratio is currently 137.43%.

Insider Transactions at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value 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. This represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

IIPR has been the subject of a number of research reports. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Compass Point restated a “sell” rating and issued a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Piper Sandler reduced their price objective on Innovative Industrial Properties from $60.00 to $55.00 and set an “underweight” rating on the stock in a research note on Monday. Finally, Roth Mkm lowered their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $85.00.

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.