Nomura Asset Management Co. Ltd. Purchases 2,200 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Nomura Asset Management Co. Ltd. boosted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 6.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 37,250 shares of the company’s stock after buying an additional 2,200 shares during the quarter. Nomura Asset Management Co. Ltd. owned approximately 0.13% of Innovative Industrial Properties worth $2,482,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. bought a new position in Innovative Industrial Properties in the fourth quarter worth about $42,006,000. Norges Bank bought a new position in shares of Innovative Industrial Properties in the 4th quarter worth approximately $22,635,000. Wellington Management Group LLP lifted its stake in shares of Innovative Industrial Properties by 48.6% in the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after purchasing an additional 185,855 shares during the period. Cambiar Investors LLC boosted its position in shares of Innovative Industrial Properties by 370.0% during the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock valued at $7,216,000 after purchasing an additional 85,244 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Innovative Industrial Properties by 25.8% in the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock worth $25,233,000 after purchasing an additional 77,552 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Insiders Place Their Bets

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. This trade 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 accessible through this hyperlink. Insiders own 1.50% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR opened at $56.67 on Thursday. The firm’s 50-day moving average price is $69.50 and its 200-day moving average price is $93.77. Innovative Industrial Properties, Inc. has a 52-week low of $49.51 and a 52-week high of $138.35. The company has a market cap of $1.61 billion, a PE ratio of 10.25 and a beta of 1.49. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.22. The company had revenue of $76.74 million for 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%. As a group, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

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

Wall Street Analyst Weigh In

IIPR has been the topic of a number of recent research reports. Industrial Alliance Securities set a $60.00 price objective on shares of Innovative Industrial Properties in a report on Tuesday, March 18th. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Piper Sandler reduced their price target on Innovative Industrial Properties from $60.00 to $55.00 and set an “underweight” rating for the company in a report on Monday. Roth Mkm cut 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 research report on Friday, February 21st. Finally, Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $85.00.

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.