Sumitomo Mitsui Trust Group Inc. Lowers Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Sumitomo Mitsui Trust Group Inc. lessened its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,503 shares of the company’s stock after selling 396 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.11% of Innovative Industrial Properties worth $1,650,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in IIPR. PSI Advisors LLC boosted its stake in shares of Innovative Industrial Properties by 454.5% during the 1st quarter. PSI Advisors LLC now owns 610 shares of the company’s stock worth $33,000 after acquiring an additional 500 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $34,000. Smartleaf Asset Management LLC boosted its stake in shares of Innovative Industrial Properties by 182.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after acquiring an additional 417 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $50,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $56,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on IIPR. Industrial Alliance Securities restated a “neutral” rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Wolfe Research downgraded Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday. Piper Sandler cut their price objective on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a research report on Tuesday, April 15th. Finally, Compass Point restated a “sell” rating and set a $50.00 price objective (down from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $78.67.

Innovative Industrial Properties Trading Down 0.5%

Shares of IIPR opened at $56.79 on Friday. The stock has a fifty day moving average of $55.97 and a two-hundred day moving average of $62.51. The company has a debt-to-equity ratio of 0.15, a quick ratio of 10.73 and a current ratio of 10.73. The company has a market capitalization of $1.59 billion, a PE ratio of 10.92 and a beta of 1.69. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 50.30% and a return on equity of 8.01%. The company had revenue of $71.72 million for the quarter, compared to analysts’ expectations of $72.20 million. During the same period in the prior year, the firm earned $2.21 earnings per share. The firm’s quarterly revenue was down 5.7% on a year-over-year basis. As a group, 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 disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $1.90 per share. The ex-dividend date is Monday, June 30th. This represents a $7.60 annualized dividend and a dividend yield of 13.38%. Innovative Industrial Properties’s dividend payout ratio is presently 146.15%.

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.