Insider Buying: Innovative Industrial Properties (NYSE:IIPR) Chairman Acquires 2,600 Shares of Stock

Innovative Industrial Properties, Inc. (NYSE:IIPR) Chairman Alan Gold acquired 2,600 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, November 24th. The shares were purchased at an average cost of $49.09 per share, with a total value of $127,634.00. Following the completion of the acquisition, the chairman owned 2,600 shares of the company’s stock, valued at $127,634. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock traded down $0.28 during trading hours on Tuesday, hitting $48.99. The stock had a trading volume of 276,271 shares, compared to its average volume of 325,416. Innovative Industrial Properties, Inc. has a 1-year low of $44.58 and a 1-year high of $112.17. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of 11.61 and a beta of 1.64. The stock’s fifty day moving average is $52.51 and its two-hundred day moving average is $54.16. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.75 and a quick ratio of 2.75.

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 the consensus estimate of $1.73 by ($0.02). The firm had revenue of $64.69 million for the quarter, compared to analyst estimates of $63.72 million. Innovative Industrial Properties had a return on equity of 6.77% and a net margin of 45.80%.The company’s quarterly revenue was down 15.4% compared to the same quarter last year. During the same period last year, the firm earned $2.25 EPS. As a group, 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a $1.90 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 15.5%. Innovative Industrial Properties’s dividend payout ratio is currently 180.09%.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. AdvisorNet Financial Inc increased its stake 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 valued at $31,000 after purchasing an additional 187 shares during the period. Daiwa Securities Group Inc. boosted its stake in Innovative Industrial Properties by 2.1% during 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 in the last quarter. Bank of Montreal Can increased its position in shares of Innovative Industrial Properties by 4.6% during the 2nd quarter. Bank of Montreal Can now owns 5,259 shares of the company’s stock valued at $290,000 after purchasing an additional 229 shares during the period. California State Teachers Retirement System lifted its holdings in Innovative Industrial Properties by 1.0% in the 2nd quarter. California State Teachers Retirement System now owns 26,152 shares of the company’s stock valued at $1,444,000 after acquiring an additional 264 shares during the last quarter. Finally, Amalgamated Bank boosted its holdings in Innovative Industrial Properties by 3.4% during the third quarter. Amalgamated Bank now owns 8,270 shares of the company’s stock worth $443,000 after buying an additional 275 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

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.