Innovative Industrial Properties (NYSE:IIPR) Stock: Insider Alan Gold Purchases 40,000 Shares

Innovative Industrial Properties, Inc. (NYSE:IIPR) Chairman Alan Gold bought 40,000 shares of the stock in a transaction that occurred on Thursday, October 8th. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $1,000,000.00. Following the completion of the acquisition, the chairman owned 40,000 shares of the company’s stock, valued at $1,000,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $51.49 on Thursday. Innovative Industrial Properties, Inc. has a twelve month low of $44.58 and a twelve month high of $65.38. The company has a current ratio of 24.51, a quick ratio of 24.51 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of 11.68 and a beta of 1.37. The firm has a 50-day moving average of $55.38 and a two-hundred day moving average of $56.90.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.34. The company had revenue of $63.31 million during the quarter, compared to analyst estimates of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. As a group, analysts expect that Innovative Industrial Properties, Inc. will post 7.04 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $1.90 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $7.60 annualized dividend and a yield of 14.8%. Innovative Industrial Properties’s dividend payout ratio is currently 172.34%.

Analyst Ratings Changes

IIPR has been the subject of a number of research reports. Piper Sandler reduced their target price on shares of Innovative Industrial Properties from $51.00 to $44.00 and set an “underweight” rating for the company in a report on Monday. Weiss Ratings cut Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Stifel Nicolaus started coverage on Innovative Industrial Properties in a research report on Wednesday. They set a “buy” rating and a $56.25 price objective for the company. Finally, Huntington started coverage on Innovative Industrial Properties in a research report on Friday, October 2nd. They set an “outperform” rating and a $60.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and a consensus price target of $51.31.

Hedge Funds Weigh In On Innovative Industrial Properties

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fortitude Family Office LLC purchased a new stake in shares of Innovative Industrial Properties in the third quarter valued at $26,000. Focus Financial Network Inc. grew its holdings in shares of Innovative Industrial Properties by 4.6% during the third quarter. Focus Financial Network Inc. now owns 4,602 shares of the company’s stock valued at $242,000 after buying an additional 204 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Innovative Industrial Properties by 26.3% during the third quarter. GAMMA Investing LLC now owns 1,833 shares of the company’s stock valued at $97,000 after buying an additional 382 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Innovative Industrial Properties by 153.3% during the third quarter. Farther Finance Advisors LLC now owns 2,764 shares of the company’s stock valued at $146,000 after buying an additional 1,673 shares in the last quarter. Finally, QRG Capital Management Inc. raised its position in Innovative Industrial Properties by 144.9% during the second quarter. QRG Capital Management Inc. now owns 10,229 shares of the company’s stock valued at $634,000 after buying an additional 6,053 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and distribution facilities, that are leased to experienced cannabis operators.

Innovative Industrial Properties generally provides capital to cannabis companies through sale-leaseback transactions and other real estate arrangements. Its leases are typically structured as long-term, triple-net agreements, under which tenants are generally responsible for property operating expenses, maintenance and taxes.

Founded in 2016, the company serves state-regulated cannabis markets in the United States, with properties located in jurisdictions that permit medical-use cannabis.