Principal Securities Inc. Grows Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Principal Securities Inc. lifted its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 31.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,192 shares of the company’s stock after buying an additional 283 shares during the quarter. Principal Securities Inc.’s holdings in Innovative Industrial Properties were worth $79,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Bogart Wealth LLC purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth $27,000. Asset Management One Co. Ltd. lifted its holdings in shares of Innovative Industrial Properties by 3.7% in the fourth quarter. Asset Management One Co. Ltd. now owns 41,816 shares of the company’s stock worth $2,848,000 after buying an additional 1,484 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Innovative Industrial Properties by 10.4% in the fourth quarter. Van ECK Associates Corp now owns 5,349 shares of the company’s stock worth $356,000 after buying an additional 506 shares in the last quarter. Cambiar Investors LLC lifted its holdings in shares of Innovative Industrial Properties by 370.0% in the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock worth $7,216,000 after buying an additional 85,244 shares in the last quarter. Finally, Bristlecone Advisors LLC lifted its holdings in shares of Innovative Industrial Properties by 4.6% in the fourth quarter. Bristlecone Advisors LLC now owns 13,177 shares of the company’s stock worth $878,000 after buying an additional 577 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on IIPR. Piper Sandler downgraded shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $118.00 to $70.00 in a research note on Friday, December 20th. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price target for the company from $125.00 to $78.00 in a research note on Friday, December 20th. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Roth Mkm decreased their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $102.00.

Innovative Industrial Properties Trading Down 1.4 %

Shares of IIPR opened at $72.77 on Thursday. Innovative Industrial Properties, Inc. has a twelve month low of $62.45 and a twelve month high of $138.35. The company has a market cap of $2.06 billion, a P/E ratio of 13.16 and a beta of 1.40. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The company’s fifty day simple moving average is $70.54 and its 200-day simple moving average is $103.45.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting the consensus estimate of $2.22. The company had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. As a group, analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 10.44%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is presently 137.43%.

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.