Thrivent Financial for Lutherans Raises Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Thrivent Financial for Lutherans boosted its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 47.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 71,536 shares of the company’s stock after purchasing an additional 22,997 shares during the period. Thrivent Financial for Lutherans owned about 0.25% of Innovative Industrial Properties worth $4,768,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Pacer Advisors Inc. purchased a new position in shares of Innovative Industrial Properties in the 4th quarter worth about $42,006,000. Wellington Management Group LLP raised its position in Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after acquiring an additional 185,855 shares during the period. Cambiar Investors LLC boosted its stake in Innovative Industrial Properties by 370.0% in the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock valued at $7,216,000 after acquiring an additional 85,244 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Innovative Industrial Properties by 25.8% during the 4th quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock valued at $25,233,000 after acquiring an additional 77,552 shares during the period. Finally, Empirical Asset Management LLC purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $4,794,000. Institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on IIPR shares. Piper Sandler reduced their price objective on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a report on Monday, March 17th. Compass Point decreased their price objective on Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating for the company in a report on Tuesday, March 18th. Roth Mkm dropped their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 21st. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $88.00.

Innovative Industrial Properties Trading Up 4.3 %

Shares of IIPR opened at $66.32 on Tuesday. The business’s 50-day moving average price is $70.44 and its 200-day moving average price is $96.71. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a twelve month low of $61.72 and a twelve month high of $138.35. The stock has a market cap of $1.88 billion, a PE ratio of 11.99 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.22. The business had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. On average, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

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

Insiders Place Their Bets

In other news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.50% of the company’s stock.

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.