Innovative Industrial Properties (NYSE:IIPR) Director Sells $34,435.96 in Stock

Innovative Industrial Properties, Inc. (NYSE:IIPR) Director Scott Shoemaker sold 611 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total value of $34,435.96. Following the completion of the sale, the director directly owned 2,000 shares in the company, valued at approximately $112,720. The trade was a 23.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Innovative Industrial Properties Trading Up 0.7%

NYSE:IIPR traded up $0.39 during trading hours on Thursday, reaching $56.30. 250,317 shares of the stock were exchanged, compared to its average volume of 337,118. Innovative Industrial Properties, Inc. has a twelve month low of $44.58 and a twelve month high of $65.38. The business has a 50-day moving average of $58.89 and a two-hundred day moving average of $56.92. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 12.77 and a beta of 1.35. 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 posted its quarterly earnings data on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.34. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%.The firm had revenue of $63.31 million for the quarter, compared to the consensus estimate of $67.09 million. On average, equities analysts predict that Innovative Industrial Properties, Inc. will post 7.05 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 13.5%. The ex-dividend date of this dividend is Wednesday, September 30th. Innovative Industrial Properties’s payout ratio is currently 172.34%.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds have recently bought and sold shares of the stock. Nykredit A S purchased a new position in shares of Innovative Industrial Properties in the 2nd quarter valued at about $25,000. Caitlin John LLC purchased a new stake in shares of Innovative Industrial Properties during the second quarter worth approximately $36,000. Triumph Capital Management raised its holdings in Innovative Industrial Properties by 112.9% in the second quarter. Triumph Capital Management now owns 905 shares of the company’s stock valued at $56,000 after acquiring an additional 480 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in Innovative Industrial Properties by 51.0% in the fourth quarter. Hantz Financial Services Inc. now owns 1,336 shares of the company’s stock valued at $63,000 after acquiring an additional 451 shares in the last quarter. Finally, Virtus Advisers LLC purchased a new position in Innovative Industrial Properties in the second quarter worth approximately $137,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on IIPR. 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. Piper Sandler increased their target price on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, July 21st. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Innovative Industrial Properties has a consensus rating of “Reduce” and a consensus target price of $48.00.

Innovative Industrial Properties Company Profile

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 that are used for cannabis cultivation and processing.

IIPR generally leases its properties to state-licensed cannabis operators through long-term, often triple-net lease agreements. Under these arrangements, tenants typically remain responsible for property-level expenses such as maintenance, insurance and taxes.