Principal Financial Group Inc. Acquires 3,161 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Principal Financial Group Inc. increased its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) by 1.8% during the second quarter, HoldingsChannel.com reports. The fund owned 175,408 shares of the company’s stock after buying an additional 3,161 shares during the quarter. Principal Financial Group Inc.’s holdings in Innovative Industrial Properties were worth $19,273,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Tcwp LLC purchased a new stake in Innovative Industrial Properties in the first quarter worth $26,000. Curi Wealth Management LLC purchased a new stake in Innovative Industrial Properties in the first quarter worth $41,000. Geneos Wealth Management Inc. increased its position in Innovative Industrial Properties by 159.6% in the second quarter. Geneos Wealth Management Inc. now owns 270 shares of the company’s stock worth $30,000 after buying an additional 166 shares during the last quarter. Lazard Asset Management LLC increased its position in Innovative Industrial Properties by 112.9% in the first quarter. Lazard Asset Management LLC now owns 396 shares of the company’s stock worth $81,000 after buying an additional 210 shares during the last quarter. Finally, Cordasco Financial Network increased its position in Innovative Industrial Properties by 100.0% in the second quarter. Cordasco Financial Network now owns 400 shares of the company’s stock worth $44,000 after buying an additional 200 shares during the last quarter. 76.07% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Price Performance

NYSE:IIPR opened at $112.14 on Tuesday. The firm has a market capitalization of $3.14 billion, a price-to-earnings ratio of 21.57 and a beta of 1.59. Innovative Industrial Properties, Inc. has a 52-week low of $87.47 and a 52-week high of $279.49. The stock has a fifty day moving average of $99.53 and a 200 day moving average of $106.28. The company has a debt-to-equity ratio of 0.15, a quick ratio of 24.10 and a current ratio of 24.10.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $1.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.92 by ($0.60). The business had revenue of $70.88 million for the quarter, compared to the consensus estimate of $68.60 million. Innovative Industrial Properties had a net margin of 53.43% and a return on equity of 7.92%. On average, research analysts expect that Innovative Industrial Properties, Inc. will post 7.71 EPS for the current fiscal year.

Innovative Industrial Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were paid a dividend of $1.80 per share. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $1.75. The ex-dividend date of this dividend was Thursday, September 29th. This represents a $7.20 annualized dividend and a yield of 6.42%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 138.46%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. TheStreet downgraded Innovative Industrial Properties from a “b-” rating to a “c+” rating in a research report on Monday, July 25th. StockNews.com upgraded Innovative Industrial Properties from a “sell” rating to a “hold” rating in a research report on Friday, November 11th. Craig Hallum lifted their price target on Innovative Industrial Properties to $140.00 in a research report on Wednesday, November 16th. Piper Sandler reduced their price target on Innovative Industrial Properties from $135.00 to $117.00 and set an “overweight” rating for the company in a research report on Friday, October 7th. Finally, Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and lifted their price target for the company from $100.00 to $175.00 in a research report on Monday, September 19th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $166.67.

Innovative Industrial Properties Profile

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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 medical-use 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.

Further Reading

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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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