Thrivent Financial for Lutherans Boosts Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Thrivent Financial for Lutherans raised its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 47.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 71,536 shares of the company's stock after purchasing an additional 22,997 shares during the quarter. Thrivent Financial for Lutherans owned 0.25% of Innovative Industrial Properties worth $4,768,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of IIPR. Pacer Advisors Inc. purchased a new position in Innovative Industrial Properties in the 4th quarter worth about $42,006,000. Wellington Management Group LLP raised its holdings in shares of Innovative Industrial Properties by 48.6% during the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company's stock valued at $76,490,000 after purchasing an additional 185,855 shares during the last quarter. Cambiar Investors LLC lifted its position in Innovative Industrial Properties by 370.0% during the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company's stock valued at $7,216,000 after purchasing an additional 85,244 shares during the period. Bank of New York Mellon Corp boosted its holdings in Innovative Industrial Properties by 25.8% in the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company's stock worth $25,233,000 after purchasing an additional 77,552 shares during the last quarter. Finally, Empirical Asset Management LLC bought a new stake in Innovative Industrial Properties in the 4th quarter worth approximately $4,794,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

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Innovative Industrial Properties Price Performance

Shares of IIPR traded down $1.33 during mid-day trading on Friday, reaching $63.77. The stock had a trading volume of 358,937 shares, compared to its average volume of 249,833. The business has a fifty day moving average of $70.26 and a 200 day moving average of $95.48. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 11.53 and a beta of 1.49. Innovative Industrial Properties, Inc. has a 12 month low of $59.53 and a 12 month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting the consensus estimate of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. Equities analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 11.92%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 137.43%.

Wall Street Analyst Weigh In

IIPR has been the subject of several research analyst reports. Compass Point cut their price objective on Innovative Industrial Properties from $78.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, March 18th. BTIG Research lowered shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research report on Monday, December 23rd. Piper Sandler lowered their price objective on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an "underweight" rating on the stock in a research note on Monday, March 17th. Industrial Alliance Securities set a $60.00 target price on shares of Innovative Industrial Properties in a research report on Tuesday, March 18th. Finally, JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of "Hold" and a consensus target price of $88.00.

Insider Buying and Selling

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the sale, the director now owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is owned by insiders.

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.