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

Principal Financial Group Inc. raised its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 4.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 151,394 shares of the company’s stock after purchasing an additional 5,881 shares during the period. Principal Financial Group Inc.’s holdings in Innovative Industrial Properties were worth $10,089,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. US Bancorp DE boosted its stake in Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after acquiring an additional 189 shares in the last quarter. Baader Bank Aktiengesellschaft raised its holdings in shares of Innovative Industrial Properties by 3.6% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 5,700 shares of the company’s stock valued at $378,000 after buying an additional 200 shares during the last quarter. KBC Group NV raised its holdings in shares of Innovative Industrial Properties by 28.2% in the third quarter. KBC Group NV now owns 940 shares of the company’s stock valued at $127,000 after buying an additional 207 shares during the last quarter. Captrust Financial Advisors raised its holdings in shares of Innovative Industrial Properties by 11.6% in the third quarter. Captrust Financial Advisors now owns 2,050 shares of the company’s stock valued at $276,000 after buying an additional 213 shares during the last quarter. Finally, Penserra Capital Management LLC raised its holdings in shares of Innovative Industrial Properties by 1.0% in the third quarter. Penserra Capital Management LLC now owns 26,672 shares of the company’s stock valued at $3,589,000 after buying an additional 272 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on IIPR shares. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Piper Sandler cut shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $118.00 to $70.00 in a report on Friday, December 20th. Roth Mkm dropped their target price on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, February 21st. Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their target price for the company from $125.00 to $78.00 in a report on Friday, December 20th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. 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 stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $102.00.

Innovative Industrial Properties Stock Down 0.9 %

IIPR stock opened at $71.86 on Friday. The company’s 50 day simple moving average is $70.09 and its 200-day simple moving average is $103.23. The firm has a market capitalization of $2.04 billion, a PE ratio of 12.99 and a beta of 1.40. Innovative Industrial Properties, Inc. has a 12 month low of $62.45 and a 12 month 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.

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

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $1.90 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 10.58%. Innovative Industrial Properties’s dividend payout ratio is presently 137.43%.

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.