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

Northwestern Mutual Wealth Management Co. grew its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 627.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 15,318 shares of the company’s stock after purchasing an additional 13,212 shares during the period. Northwestern Mutual Wealth Management Co. owned approximately 0.05% of Innovative Industrial Properties worth $725,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Innovative Industrial Properties by 33.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 819 shares of the company’s stock valued at $39,000 after purchasing an additional 205 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of 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 purchasing an additional 207 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Innovative Industrial Properties by 4.6% during the 4th quarter. Allworth Financial LP now owns 4,714 shares of the company’s stock valued at $223,000 after purchasing an additional 208 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Innovative Industrial Properties by 9.6% during the 4th 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 during the last quarter. Finally, California State Teachers Retirement System grew its holdings in shares of Innovative Industrial Properties by 1.0% during the 2nd 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. Institutional investors own 70.58% of the company’s stock.

Analyst Ratings Changes

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

Innovative Industrial Properties Stock Up 1.1%

Shares of NYSE IIPR opened at $59.23 on Tuesday. The firm has a market cap of $1.70 billion, a PE ratio of 15.15 and a beta of 1.42. Innovative Industrial Properties, Inc. has a 12-month low of $44.58 and a 12-month high of $61.40. The company’s fifty day simple moving average is $54.49 and its 200 day simple moving average is $51.96. The company has a quick ratio of 6.06, a current ratio of 6.06 and a debt-to-equity ratio of 0.20.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, May 4th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.05). The company had revenue of $69.00 million for 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 firm’s revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.94 earnings per share. As a group, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

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

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.