Principal Financial Group Inc. Has $19.59 Million Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Principal Financial Group Inc. lessened its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 7.6% in the third quarter, according to its most recent filing with the 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 filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. USA Financial Formulas acquired a new stake in shares of Innovative Industrial Properties during the third quarter worth $25,000. Blue Trust Inc. grew its position in shares of Innovative Industrial Properties by 2,085.7% during the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company's stock worth $48,000 after buying an additional 438 shares during the period. Signaturefd LLC increased its stake in shares of Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company's stock valued at $55,000 after acquiring an additional 150 shares during the last quarter. Federated Hermes Inc. raised its position in shares of Innovative Industrial Properties by 138.1% in the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company's stock valued at $59,000 after acquiring an additional 312 shares during the period. Finally, US Bancorp DE boosted its stake in Innovative Industrial Properties by 75.3% during the 3rd quarter. US Bancorp DE now owns 440 shares of the company's stock worth $59,000 after acquiring an additional 189 shares during the last quarter. Institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Stock Down 1.2 %

Shares of IIPR traded down $1.24 during midday trading on Friday, hitting $102.23. The stock had a trading volume of 217,269 shares, compared to its average volume of 203,127. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of 18.19 and a beta of 1.37. The company has a 50 day simple moving average of $127.93 and a two-hundred day simple moving average of $118.55. Innovative Industrial Properties, Inc. has a twelve month low of $77.88 and a twelve month high of $138.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.13 by ($0.76). The firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm's quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.29 EPS. On average, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 7.43%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties's payout ratio is 135.23%.

Wall Street Analyst Weigh In

IIPR has been the topic of several analyst reports. Roth Mkm increased their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a "buy" rating in a report on Monday, July 22nd. Compass Point upgraded shares of Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 price objective for the company in a research report on Friday, November 8th. Wolfe Research upgraded Innovative Industrial Properties to a "hold" rating in a report on Monday, September 23rd. Roth Capital upgraded Innovative Industrial Properties to a "strong-buy" rating in a report on Monday. Finally, Piper Sandler cut their price objective on Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating on the stock in a report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $127.67.

Innovative Industrial Properties Company 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.