Northwestern Mutual Wealth Management Co. Acquires 13,212 Shares of Innovative Industrial Properties, Inc. $IIPR

Northwestern Mutual Wealth Management Co. raised its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 627.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 15,318 shares of the company’s stock after buying an additional 13,212 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Innovative Industrial Properties were worth $725,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Innovative Industrial Properties by 33.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 819 shares of the company’s stock valued at $39,000 after buying an additional 205 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Innovative Industrial Properties by 2.1% in the second quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company’s stock valued at $545,000 after buying an additional 207 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Innovative Industrial Properties by 4.6% in the fourth quarter. Allworth Financial LP now owns 4,714 shares of the company’s stock valued at $223,000 after purchasing an additional 208 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Innovative Industrial Properties by 9.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,991 shares of the company’s stock valued at $142,000 after purchasing an additional 262 shares in the last quarter. Finally, California State Teachers Retirement System lifted its holdings 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 in the last quarter. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $59.23 on Tuesday. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 15.15 and a beta of 1.42. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.06 and a current ratio of 6.06. Innovative Industrial Properties, Inc. has a 52 week low of $44.58 and a 52 week high of $61.40. The firm’s 50-day simple moving average is $54.49 and its two-hundred day simple moving average is $51.96.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, May 4th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.05). The company had revenue of $69.00 million during the quarter, compared to the consensus estimate of $65.65 million. Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The business’s revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.94 EPS. As a group, equities analysts forecast that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were paid a $1.90 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 12.8%. Innovative Industrial Properties’s payout ratio is presently 194.37%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on IIPR shares. Piper Sandler raised their target price on Innovative Industrial Properties from $44.00 to $45.00 and gave the company an “underweight” rating in a report on Wednesday, February 25th. Compass Point upgraded Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 target price on the stock in a report on Tuesday, March 3rd. Weiss Ratings upgraded Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Finally, Zacks Research lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Reduce” and an average target price of $45.00.

Innovative Industrial Properties 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.