Mitsubishi UFJ Asset Management Co. Ltd. Acquires New Holdings in Innovative Industrial Properties, Inc. $IIPR

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 24,803 shares of the company’s stock, valued at approximately $1,537,000.

Other hedge funds have also modified their holdings of the company. PNC Financial Services Group Inc. grew its stake in shares of Innovative Industrial Properties by 6.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,173 shares of the company’s stock worth $159,000 after acquiring an additional 182 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Innovative Industrial Properties by 33.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 819 shares of the company’s stock valued at $39,000 after purchasing an additional 205 shares during the period. Daiwa Securities Group Inc. raised its stake in Innovative Industrial Properties by 2.1% in the second quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company’s stock valued at $545,000 after buying an additional 207 shares during the period. Allworth Financial LP boosted its position in Innovative Industrial Properties by 4.6% during the fourth quarter. Allworth Financial LP now owns 4,714 shares of the company’s stock worth $223,000 after purchasing an additional 208 shares during the period. Finally, PFG Investments LLC boosted its holdings in shares of Innovative Industrial Properties by 3.3% during the 1st quarter. PFG Investments LLC now owns 7,300 shares of the company’s stock worth $366,000 after buying an additional 231 shares during the period. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $56.76 on Friday. The company has a market capitalization of $1.56 billion, a PE ratio of 12.87 and a beta of 1.38. The company has a quick ratio of 24.51, a current ratio of 24.51 and a debt-to-equity ratio of 0.35. The firm has a fifty day simple moving average of $60.59 and a 200 day simple moving average of $55.77. Innovative Industrial Properties, Inc. has a twelve month low of $44.58 and a twelve month high of $65.38.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Monday, August 3rd. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.02 by $0.34. The company had revenue of $63.31 million for the quarter, compared to analyst estimates of $67.09 million. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%. On average, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 7.15 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $1.90 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $7.60 annualized dividend and a dividend yield of 13.4%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 172.34%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on IIPR shares. Weiss Ratings raised shares of Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Zacks Research lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Finally, Piper Sandler boosted their target price on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 21st. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $48.00.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.