Innovative Industrial Properties, Inc. (NYSE:IIPR) Stock Position Raised by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans boosted its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.1% during the third quarter, HoldingsChannel.com reports. The fund owned 48,539 shares of the company’s stock after acquiring an additional 505 shares during the period. Thrivent Financial for Lutherans’ holdings in Innovative Industrial Properties were worth $6,533,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Tidal Investments LLC lifted its holdings in shares of Innovative Industrial Properties by 1,465.1% in the 1st quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock worth $24,532,000 after purchasing an additional 221,791 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after buying an additional 45,779 shares during the last quarter. Jupiter Asset Management Ltd. boosted its holdings in shares of Innovative Industrial Properties by 279.1% during the second quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock valued at $5,171,000 after acquiring an additional 34,854 shares during the period. Vanguard Group Inc. grew its position in shares of Innovative Industrial Properties by 0.6% during the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock worth $456,705,000 after acquiring an additional 28,111 shares during the last quarter. Finally, Edgestream Partners L.P. increased its holdings in shares of Innovative Industrial Properties by 461.0% in the 2nd quarter. Edgestream Partners L.P. now owns 26,888 shares of the company’s stock worth $2,937,000 after acquiring an additional 22,095 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Piper Sandler decreased their target price 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. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of “Moderate Buy” and an average price target of $127.67.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $107.19 on Friday. Innovative Industrial Properties, Inc. has a 12 month low of $78.10 and a 12 month high of $138.35. The firm has a market capitalization of $3.04 billion, a PE ratio of 19.07 and a beta of 1.37. The company’s 50 day simple moving average is $126.37 and its 200 day simple moving average is $118.52. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The firm had revenue of $76.53 million for 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 firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.29 earnings per share. As a group, equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 7.09%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s payout ratio is 135.23%.

About Innovative Industrial Properties

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.