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% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 145,513 shares of the company’s stock after selling 11,951 shares during the quarter. Principal Financial Group Inc.’s holdings in Innovative Industrial Properties were worth $19,586,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Barclays PLC boosted its holdings in shares of Innovative Industrial Properties by 187.5% in the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock valued at $6,459,000 after purchasing an additional 31,295 shares during the last quarter. CWA Asset Management Group LLC acquired a new position in Innovative Industrial Properties in the third quarter valued at $713,000. Versor Investments LP grew its position in Innovative Industrial Properties by 98.3% during the third quarter. Versor Investments LP now owns 12,227 shares of the company’s stock valued at $1,646,000 after acquiring an additional 6,062 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Innovative Industrial Properties by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after acquiring an additional 10,711 shares during the last quarter. Finally, TCW Group Inc. purchased a new position in shares of Innovative Industrial Properties in the 3rd quarter worth about $2,572,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Up 0.5 %

NYSE:IIPR opened at $70.71 on Friday. Innovative Industrial Properties, Inc. has a one year low of $68.73 and a one year high of $138.35. The business’s 50-day simple moving average is $110.60 and its 200 day simple moving average is $117.13. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of 12.58 and a beta of 1.31.

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

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 10.75%. The ex-dividend date of this dividend is Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is currently 135.23%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Piper Sandler downgraded shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $118.00 to $70.00 in a research report on Friday, December 20th. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. Finally, Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Hold” and an average price target of $104.50.

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.