Innovative Industrial Properties (NYSE:IIPR) Chairman Alan Gold Purchases 2,600 Shares of Stock

Innovative Industrial Properties, Inc. (NYSE:IIPR) Chairman Alan Gold purchased 2,600 shares of the business’s stock in a transaction on Monday, November 24th. The stock was purchased at an average price 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 approximately $127,634. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Innovative Industrial Properties Trading Down 0.6%

IIPR opened at $48.99 on Wednesday. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $112.17. The firm has a market capitalization of $1.37 billion, a PE ratio of 11.61 and a beta of 1.64. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.75 and a quick ratio of 2.75. The company’s 50-day moving average is $52.51 and its 200 day moving average is $54.16.

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

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 15.5%. The ex-dividend date of this dividend was Tuesday, September 30th. Innovative Industrial Properties’s dividend payout ratio is presently 180.09%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Innovative Industrial Properties in a report on Monday. Piper Sandler boosted their price target on shares of Innovative Industrial Properties from $43.00 to $44.00 and gave the stock an “underweight” rating in a report on Wednesday, November 5th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Reduce” and an average target price of $78.50.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds have recently modified their holdings of the stock. Flaharty Asset Management LLC purchased a new stake in Innovative Industrial Properties in the first quarter worth $27,000. West Oak Capital LLC purchased a new stake in shares of Innovative Industrial Properties during the third quarter worth $27,000. AdvisorNet Financial Inc boosted its holdings in shares of Innovative Industrial Properties by 50.3% in the second quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock worth $31,000 after acquiring an additional 187 shares during the period. SSA Swiss Advisors AG purchased a new position in shares of Innovative Industrial Properties in the first quarter valued at $33,000. Finally, Advisory Services Network LLC purchased a new position in shares of Innovative Industrial Properties in the third quarter valued at $34,000. Institutional investors own 70.58% of the company’s stock.

About Innovative Industrial Properties

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.