Principal Financial Group Inc. Lowers Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Principal Financial Group Inc. lowered its holdings in shares of 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 (SEC). The firm owned 145,513 shares of the company’s stock after selling 11,951 shares during the period. Principal Financial Group Inc. owned 0.51% of Innovative Industrial Properties worth $19,586,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Wellington Management Group LLP raised its stake in shares of Innovative Industrial Properties by 48.6% during the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after purchasing an additional 185,855 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Innovative Industrial Properties by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after buying an additional 10,711 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Innovative Industrial Properties by 3.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after acquiring an additional 10,615 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of 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 acquiring an additional 45,779 shares in the last quarter. Finally, LSV Asset Management increased its stake in shares of Innovative Industrial Properties by 21.0% during the second quarter. LSV Asset Management now owns 122,646 shares of the company’s stock worth $13,395,000 after acquiring an additional 21,273 shares during the period. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock opened at $70.71 on Friday. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm’s 50-day simple moving average is $110.60 and its 200 day simple moving average is $117.13. Innovative Industrial Properties, Inc. has a 52 week low of $68.73 and a 52 week high of $138.35. The firm has a market capitalization of $2.00 billion, a PE ratio of 12.58 and a beta of 1.31.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly 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). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same quarter in the prior year, the company earned $2.29 earnings per share. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Alliance Global Partners lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Piper Sandler downgraded shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their price target for the company from $118.00 to $70.00 in a report on Friday, December 20th. Finally, Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $104.50.

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.