Mitsubishi UFJ Asset Management Co. Ltd. Takes $1.54 Million Position in Innovative Industrial Properties, Inc. $IIPR

Key Points

• Mitsubishi UFJ Asset Management acquired 24,803 shares of Innovative Industrial Properties during the second quarter, valued at approximately $1.54 million. Institutional investors collectively own 70.58% of the company.
• IIPR reported quarterly EPS of $1.36, beating the $1.02 consensus estimate, while revenue of $63.31 million fell short of expectations. Analysts expect full-year EPS of $7.15.
• The company pays a quarterly dividend of $1.90 per share, equivalent to an annualized $7.60 dividend and a 13.4% yield, though its payout ratio is elevated at 172.34%; analysts maintain a consensus “Reduce” rating with a $48 average price target.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 24,803 shares of the company's stock, valued at approximately $1,537,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.09% of Innovative Industrial Properties as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership lifted its position in Innovative Industrial Properties by 3,423.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company's stock worth $27,066,000 after buying an additional 524,284 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Innovative Industrial Properties during the second quarter valued at about $12,793,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Innovative Industrial Properties by 229.6% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company's stock worth $15,906,000 after purchasing an additional 200,652 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Innovative Industrial Properties by 1,131.0% in the first quarter. Millennium Management LLC now owns 157,509 shares of the company's stock worth $8,520,000 after buying an additional 144,714 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Innovative Industrial Properties by 40.5% during the 2nd quarter. Invesco Ltd. now owns 382,133 shares of the company's stock worth $21,101,000 after acquiring an additional 110,236 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock opened at $56.76 on Friday. The stock has a market cap of $1.56 billion, a price-to-earnings 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. Innovative Industrial Properties, Inc. has a 12-month low of $44.58 and a 12-month high of $65.38. The business's 50-day simple moving average is $60.59 and its 200 day simple moving average is $55.77.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.02 by $0.34. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. The company had revenue of $63.31 million during the quarter, compared to analysts' expectations of $67.09 million. As a group, research analysts anticipate that Innovative Industrial Properties, Inc. will post 7.15 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $1.90 per share. The ex-dividend date was Tuesday, June 30th. This represents a $7.60 dividend on an annualized basis and a yield of 13.4%. Innovative Industrial Properties's dividend payout ratio (DPR) is 172.34%.

Analyst Ratings Changes

IIPR has been the subject of a number of research analyst reports. Zacks Research lowered Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 5th. Piper Sandler raised their price target 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. Finally, Weiss Ratings upgraded shares of Innovative Industrial Properties from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average 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.

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