Thrivent Financial for Lutherans Has $5.25 Million Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Thrivent Financial for Lutherans raised its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 97.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 48,034 shares of the company's stock after buying an additional 23,709 shares during the quarter. Thrivent Financial for Lutherans owned about 0.17% of Innovative Industrial Properties worth $5,246,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Intech Investment Management LLC bought a new position in Innovative Industrial Properties in the second quarter valued at approximately $736,000. Hsbc Holdings PLC lifted its stake in Innovative Industrial Properties by 17.0% in the second quarter. Hsbc Holdings PLC now owns 23,022 shares of the company's stock valued at $2,510,000 after buying an additional 3,352 shares in the last quarter. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Innovative Industrial Properties in the second quarter worth $239,000. Mercer Global Advisors Inc. ADV lifted its position in shares of Innovative Industrial Properties by 5.1% in the second quarter. Mercer Global Advisors Inc. ADV now owns 6,148 shares of the company's stock worth $672,000 after purchasing an additional 300 shares in the last quarter. Finally, Edgestream Partners L.P. lifted its position in shares of Innovative Industrial Properties by 461.0% in the second quarter. Edgestream Partners L.P. now owns 26,888 shares of the company's stock worth $2,937,000 after purchasing an additional 22,095 shares in the last quarter. Institutional investors own 70.58% of the company's stock.

Wall Street Analyst Weigh In

IIPR has been the topic of a number of research reports. Piper Sandler boosted their price objective on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a "neutral" rating in a research report on Friday, August 9th. Wolfe Research raised shares of Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Finally, Roth Mkm boosted their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a "buy" rating in a research report on Monday, July 22nd. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $130.00.

Innovative Industrial Properties Stock Up 0.3 %

IIPR traded up $0.34 during trading on Friday, reaching $135.82. 206,640 shares of the stock were exchanged, compared to its average volume of 201,676. The stock has a market cap of $3.85 billion, a P/E ratio of 23.83 and a beta of 1.35. Innovative Industrial Properties, Inc. has a twelve month low of $69.08 and a twelve month high of $138.35. The stock's 50 day moving average price is $123.79 and its two-hundred day moving average price is $111.98. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing analysts' consensus estimates of $2.08 by ($0.64). The firm had revenue of $79.79 million for the quarter, compared to analyst estimates of $77.18 million. Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. Innovative Industrial Properties's quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.26 earnings per share. Equities analysts expect that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 5.60%. Innovative Industrial Properties's payout ratio is 133.33%.

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.