In a recent Form 13F-HR filed with the U.S. Securities and Exchange Commission, Boston, Massachusetts-based growth-focused specialty equity investment manager Hellman, Jordan Management Company, Inc. disclosed that it took a major position in cannabis-focused real estate investment company Innovative Industrial Properties, Inc. (NYSE:IIPR) in the most recent quarter.
According to Bloomberg, Hellman, Jordan Management Company “offers portfolio management and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies.”
With an estimated over $200 million in assets under management as of a recent Form ADV, Hellman, Jordan Management Company, Inc.’s recent purchase of 55,000 shares of IIPR amounts to over 2% of the firm’s portfolio.
Put another way, at IIPR’s most recent trade price of $73.44 USD per share on the NYSE, that position is worth $4,039,200.
More than just the dollars invested, it is always a bullish signal that institutional investors and money managers like Hellman, Jordan Management Company, Inc. are deploying capital into cannabis-related stocks. It should be noted, however, that IIPR is currently the only-cannabis related stock in the firm’s basket.
Just 10 days prior to Hellman, Jordan Management Company’s 13F-HR filing, Innovative Industrial Properties declared a fourth-quarter 2019 dividend of $1.00 per share of common stock, representing an approximately 28% increase over IIP’s third-quarter 2019 dividend of $0.78 per share of common stock, and an approximately 186% increase over IIP’s fourth-quarter 2018 dividend of $0.35 per share of common stock.
The IIPR dividend is now equivalent to an annualized dividend of $4.00 per common share, and is the sixth dividend increase since IIP completed its initial public offering in December 2016.
We’ll continue to monitor 13F filings to see what institutional investors are up to. In the meantime, be sure to subscribe to updates here so you never miss an important update.
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