Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 7.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 145,513 shares of the company’s stock after selling 11,951 shares during the period. Principal Financial Group Inc. owned about 0.51% of Innovative Industrial Properties worth $19,586,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Focused Wealth Management Inc grew its position in Innovative Industrial Properties by 2.4% during the 2nd quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock worth $432,000 after purchasing an additional 93 shares during the period. Bristlecone Advisors LLC grew its holdings in Innovative Industrial Properties by 0.8% during the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock worth $1,696,000 after acquiring an additional 103 shares during the period. Cape Investment Advisory Inc. raised its position in Innovative Industrial Properties by 11.6% during the first quarter. Cape Investment Advisory Inc. now owns 1,098 shares of the company’s stock valued at $114,000 after acquiring an additional 114 shares in the last quarter. Baader Bank Aktiengesellschaft lifted its holdings in Innovative Industrial Properties by 2.1% in the second quarter. Baader Bank Aktiengesellschaft now owns 5,616 shares of the company’s stock valued at $611,000 after acquiring an additional 116 shares during the period. Finally, Hancock Whitney Corp boosted its position in Innovative Industrial Properties by 2.4% in the 1st quarter. Hancock Whitney Corp now owns 5,227 shares of the company’s stock worth $541,000 after purchasing an additional 124 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

IIPR opened at $103.56 on Friday. The firm’s fifty day simple moving average is $128.67 and its two-hundred day simple moving average is $118.63. Innovative Industrial Properties, Inc. has a 52-week low of $77.88 and a 52-week high of $138.35. The company has a market cap of $2.93 billion, a price-to-earnings ratio of 18.41 and a beta of 1.37. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. During the same period in the prior year, the business posted $2.29 earnings per share. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.4 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 7.34%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s payout ratio is 135.23%.

Wall Street Analysts Forecast Growth

IIPR has been the subject of several recent research reports. Roth Mkm lifted their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Piper Sandler cut their price objective on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research note on Friday, November 8th. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Finally, Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.67.

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.