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

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

A number of other institutional investors have also bought and sold shares of IIPR. USA Financial Formulas purchased a new position in shares of Innovative Industrial Properties during the 3rd quarter worth $25,000. Blue Trust Inc. raised its stake in Innovative Industrial Properties by 2,085.7% during the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after purchasing an additional 438 shares during the period. Signaturefd LLC boosted its holdings in Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of Innovative Industrial Properties by 138.1% in the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after buying an additional 312 shares during the period. Finally, US Bancorp DE increased its holdings in shares of Innovative Industrial Properties by 75.3% during the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after buying an additional 189 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Up 0.5 %

Shares of NYSE IIPR opened at $103.56 on Friday. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $2.93 billion, a PE ratio of 18.41 and a beta of 1.37. Innovative Industrial Properties, Inc. has a twelve month low of $77.88 and a twelve month high of $138.35. The stock has a fifty day simple moving average of $128.67 and a 200-day simple moving average of $118.63.

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

Innovative Industrial Properties Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on IIPR shares. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a report on Friday, November 8th. Roth Mkm increased their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Finally, Piper Sandler dropped their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties 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.