Innovative Industrial Properties, Inc. $IIPR Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lessened its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 14.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 134,687 shares of the company’s stock after selling 22,165 shares during the quarter. Thrivent Financial for Lutherans owned about 0.48% of Innovative Industrial Properties worth $7,217,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in IIPR. Summit Global Investments acquired a new stake in shares of Innovative Industrial Properties in the third quarter valued at approximately $1,178,000. Mystic Asset Management Inc. increased its holdings in shares of Innovative Industrial Properties by 6.2% in the 3rd quarter. Mystic Asset Management Inc. now owns 5,499 shares of the company’s stock valued at $295,000 after acquiring an additional 320 shares during the period. Pilgrim Partners Asia Pte Ltd purchased a new stake in Innovative Industrial Properties in the 3rd quarter valued at $53,000. First Citizens Bank & Trust Co. boosted its stake in Innovative Industrial Properties by 49.5% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 5,772 shares of the company’s stock worth $309,000 after purchasing an additional 1,912 shares during the period. Finally, Resona Asset Management Co. Ltd. grew its position in Innovative Industrial Properties by 8.8% during the 3rd quarter. Resona Asset Management Co. Ltd. now owns 12,366 shares of the company’s stock worth $679,000 after purchasing an additional 996 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Insider Transactions at Innovative Industrial Properties

In related news, CFO David Jon Smith purchased 600 shares of the business’s stock in a transaction dated Thursday, November 20th. The stock was acquired at an average price of $45.90 per share, for a total transaction of $27,540.00. Following the acquisition, the chief financial officer directly owned 600 shares of the company’s stock, valued at $27,540. This trade represents a ? increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Alan D. Gold acquired 2,600 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were bought at an average cost of $49.09 per share, for a total transaction of $127,634.00. Following the acquisition, the chairman owned 2,600 shares of the company’s stock, valued at $127,634. This represents a ? increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 4,200 shares of company stock valued at $201,434 in the last quarter. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Piper Sandler lifted their price objective on shares of Innovative Industrial Properties from $43.00 to $44.00 and gave the company an “underweight” rating in a research note on Wednesday, November 5th. Weiss Ratings cut Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, January 28th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $68.20.

Innovative Industrial Properties Trading Down 3.0%

NYSE IIPR opened at $47.85 on Friday. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $1.34 billion, a P/E ratio of 11.34 and a beta of 1.47. Innovative Industrial Properties, Inc. has a 52-week low of $44.58 and a 52-week high of $75.71. The firm has a 50-day moving average price of $50.62 and a 200 day moving average price of $52.21.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Monday, November 3rd. The company reported $1.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.73 by ($0.02). The business had revenue of $64.69 million for the quarter, compared to analyst estimates of $63.72 million. Innovative Industrial Properties had a return on equity of 6.77% and a net margin of 45.80%.The business’s revenue for the quarter was down 15.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.25 EPS. Equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 15.9%. Innovative Industrial Properties’s dividend payout ratio is 180.09%.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.