Thrivent Financial for Lutherans Decreases Position in Innovative Industrial Properties, Inc. $IIPR

Thrivent Financial for Lutherans lowered its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 14.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 134,687 shares of the company’s stock after selling 22,165 shares during the period. Thrivent Financial for Lutherans’ holdings in Innovative Industrial Properties were worth $7,217,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Daiwa Securities Group Inc. grew its stake in Innovative Industrial Properties by 2.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company’s stock valued at $545,000 after acquiring an additional 207 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Innovative Industrial Properties by 4.6% in the second quarter. Bank of Montreal Can now owns 5,259 shares of the company’s stock valued at $290,000 after purchasing an additional 229 shares in the last quarter. California State Teachers Retirement System grew its position in shares of Innovative Industrial Properties by 1.0% in the second quarter. California State Teachers Retirement System now owns 26,152 shares of the company’s stock valued at $1,444,000 after purchasing an additional 264 shares during the last quarter. Amalgamated Bank increased its stake in shares of Innovative Industrial Properties by 3.4% during the 3rd quarter. Amalgamated Bank now owns 8,270 shares of the company’s stock worth $443,000 after purchasing an additional 275 shares in the last quarter. Finally, Centaurus Financial Inc. raised its position in shares of Innovative Industrial Properties by 2.5% during the 2nd quarter. Centaurus Financial Inc. now owns 12,942 shares of the company’s stock worth $715,000 after purchasing an additional 312 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Insider Activity

In related news, CFO David Jon Smith acquired 600 shares of the company’s stock in a transaction dated Thursday, November 20th. The stock was bought at an average price of $45.90 per share, with a total value of $27,540.00. Following the purchase, the chief financial officer directly owned 600 shares in the company, valued at $27,540. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Alan D. Gold acquired 2,600 shares of the business’s stock in a transaction dated Monday, November 24th. The shares were bought at an average price of $49.09 per share, for a total transaction of $127,634.00. Following the completion of the acquisition, the chairman owned 2,600 shares in the company, valued at approximately $127,634. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 4,200 shares of company stock valued at $201,434 in the last 90 days. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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

Innovative Industrial Properties Trading Down 3.0%

Shares of IIPR opened at $47.85 on Friday. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $75.71. The company has a market capitalization of $1.34 billion, a PE ratio of 11.34 and a beta of 1.47. The stock has a fifty day moving average of $50.62 and a two-hundred day moving average of $52.21. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.75 and a current ratio of 2.75.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data 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%.Innovative Industrial Properties’s revenue for the quarter was down 15.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.25 EPS. As a group, analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

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