Principal Financial Group Inc. Decreases Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Principal Financial Group Inc. lowered its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 7.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 145,513 shares of the company's stock after selling 11,951 shares during the period. Principal Financial Group Inc. owned about 0.51% of Innovative Industrial Properties worth $19,586,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. USA Financial Formulas acquired a new position in shares of Innovative Industrial Properties during the 3rd quarter worth $25,000. Signaturefd LLC raised its position in shares of Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company's stock worth $55,000 after purchasing an additional 150 shares during the last quarter. Canton Hathaway LLC purchased a new stake in Innovative Industrial Properties in the 3rd quarter valued at approximately $55,000. Loomis Sayles & Co. L P grew its holdings in Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company's stock valued at $57,000 after buying an additional 407 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in Innovative Industrial Properties by 138.1% during the second quarter. Federated Hermes Inc. now owns 538 shares of the company's stock worth $59,000 after buying an additional 312 shares in 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 research firms recently commented on IIPR. JMP Securities reaffirmed a "market perform" rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Wolfe Research raised shares of Innovative Industrial Properties to a "hold" rating in a research note on Monday, September 23rd. Alliance Global Partners lowered shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday. BTIG Research cut shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research note on Monday. Finally, Compass Point lowered Innovative Industrial Properties from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of "Hold" and an average target price of $104.50.

Innovative Industrial Properties Trading Down 3.7 %

NYSE:IIPR traded down $2.60 during trading hours on Friday, reaching $68.11. 579,818 shares of the company were exchanged, compared to its average volume of 222,687. Innovative Industrial Properties, Inc. has a 52-week low of $67.66 and a 52-week high of $138.35. The stock has a 50 day simple moving average of $109.36 and a 200 day simple moving average of $116.81. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of 12.12 and a beta of 1.31. 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 issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share 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%. Innovative Industrial Properties's revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.29 EPS. As a group, analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 11.16%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 135.23%.

About Innovative Industrial Properties

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.