Principal Financial Group Inc. Has $8.40 Million Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Principal Financial Group Inc. increased its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 2.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 155,355 shares of the company’s stock after purchasing an additional 3,961 shares during the quarter. Principal Financial Group Inc. owned approximately 0.55% of Innovative Industrial Properties worth $8,403,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IIPR. Norges Bank bought a new position in Innovative Industrial Properties during the fourth quarter worth about $22,635,000. Balyasny Asset Management L.P. bought a new position in Innovative Industrial Properties during the fourth quarter worth about $9,615,000. Voloridge Investment Management LLC boosted its holdings in Innovative Industrial Properties by 2,683.2% during the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock worth $6,497,000 after buying an additional 93,991 shares during the last quarter. Northern Trust Corp boosted its holdings in Innovative Industrial Properties by 20.6% during the fourth quarter. Northern Trust Corp now owns 435,879 shares of the company’s stock worth $29,047,000 after buying an additional 74,342 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Innovative Industrial Properties by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock worth $294,798,000 after buying an additional 64,908 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Piper Sandler reduced their target price on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a report on Tuesday, April 15th. Wolfe Research cut Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a report on Wednesday, July 2nd. Industrial Alliance Securities reiterated a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Finally, Compass Point reiterated a “sell” rating and set a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $78.67.

Innovative Industrial Properties Stock Up 0.3%

Shares of Innovative Industrial Properties stock opened at $56.30 on Tuesday. The business’s 50 day simple moving average is $56.12 and its 200 day simple moving average is $61.50. Innovative Industrial Properties, Inc. has a 52-week low of $45.44 and a 52-week high of $138.35. The firm has a market cap of $1.58 billion, a PE ratio of 10.83 and a beta of 1.69. The company has a debt-to-equity ratio of 0.15, a quick ratio of 10.73 and a current ratio of 10.73.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 50.30% and a return on equity of 8.01%. The firm had revenue of $71.72 million during the quarter, compared to analyst estimates of $72.20 million. During the same period in the prior year, the business posted $2.21 EPS. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. On average, analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 13.50%. The ex-dividend date is Monday, June 30th. Innovative Industrial Properties’s dividend payout ratio is presently 146.15%.

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.