Innovative Industrial Properties (NYSE:IIPR) Director Bruce Alan Ives Purchases 528 Shares

Innovative Industrial Properties, Inc. (NYSE:IIPR) Director Bruce Alan Ives purchased 528 shares of Innovative Industrial Properties stock in a transaction on Monday, August 31st. The shares were acquired at an average cost of $56.70 per share, for a total transaction of $29,937.60. Following the completion of the transaction, the director owned 3,180 shares of the company’s stock, valued at $180,306. This represents a 19.91% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Innovative Industrial Properties Price Performance

IIPR opened at $56.12 on Wednesday. Innovative Industrial Properties, Inc. has a 52-week low of $44.58 and a 52-week high of $65.38. The company has a 50 day moving average of $60.18 and a two-hundred day moving average of $56.24. The company has a market cap of $1.55 billion, a P/E ratio of 12.73 and a beta of 1.38. The company has a quick ratio of 24.51, a current ratio of 24.51 and a debt-to-equity ratio of 0.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, August 3rd. The company reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.34. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. The business had revenue of $63.31 million for the quarter, compared to the consensus estimate of $67.09 million. On average, analysts expect that Innovative Industrial Properties, Inc. will post 7.05 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 13.5%. The ex-dividend date was Tuesday, June 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 172.34%.

Institutional Investors Weigh In On Innovative Industrial Properties

Several institutional investors and hedge funds have recently made changes to their positions in IIPR. International Assets Investment Management LLC bought a new position in shares of Innovative Industrial Properties in the 4th quarter worth about $25,000. Nykredit A S acquired a new stake in shares of Innovative Industrial Properties in the second quarter valued at approximately $25,000. Advisory Services Network LLC bought a new stake in shares of Innovative Industrial Properties during the third quarter valued at approximately $34,000. Los Angeles Capital Management LLC acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth approximately $35,000. Finally, Caitlin John LLC bought a new position in Innovative Industrial Properties in the 2nd quarter worth approximately $36,000. 70.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on IIPR shares. Piper Sandler upped their price target on Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, July 21st. Weiss Ratings raised shares of Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Finally, Zacks Research downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of “Reduce” and a consensus price target of $48.00.

About Innovative Industrial Properties

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.