Thrivent Financial for Lutherans Buys 22,997 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Thrivent Financial for Lutherans boosted its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 47.4% during the fourth quarter, Holdings Channel reports. The fund owned 71,536 shares of the company’s stock after acquiring an additional 22,997 shares during the period. Thrivent Financial for Lutherans’ holdings in Innovative Industrial Properties were worth $4,768,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in IIPR. Bogart Wealth LLC bought a new position in shares of Innovative Industrial Properties during the 4th quarter valued at about $27,000. Canton Hathaway LLC purchased a new stake in Innovative Industrial Properties in the third quarter worth approximately $55,000. Loomis Sayles & Co. L P grew its position in Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after acquiring an additional 407 shares during the last quarter. Compass Financial Services Inc bought a new position in Innovative Industrial Properties during the fourth quarter valued at approximately $32,000. Finally, Smartleaf Asset Management LLC raised its stake in shares of Innovative Industrial Properties by 182.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after acquiring an additional 417 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Insider Activity at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now directly owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

IIPR has been the topic of several recent research reports. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Compass Point lowered their target price on Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating for the company in a research note on Tuesday, March 18th. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Finally, Industrial Alliance Securities set a $60.00 price objective on Innovative Industrial Properties in a research report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $88.00.

Innovative Industrial Properties Trading Up 4.3 %

IIPR opened at $66.32 on Tuesday. Innovative Industrial Properties, Inc. has a one year low of $61.72 and a one year high of $138.35. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The business has a 50 day simple moving average of $70.44 and a two-hundred day simple moving average of $96.71. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of 11.99 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting analysts’ consensus estimates of $2.22. The company had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. Analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.46%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties’s payout ratio is 137.43%.

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.