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

Innovative Industrial Properties, Inc. (NYSE:IIPR) Director Bruce Alan Ives acquired 528 shares of the stock in a transaction on Monday, August 31st. The stock was bought at an average price of $56.70 per share, with a total value of $29,937.60. Following the transaction, the director directly owned 3,180 shares in the company, valued at approximately $180,306. This represents a 19.91% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Innovative Industrial Properties Price Performance

Shares of IIPR stock traded down $0.80 during trading hours on Tuesday, reaching $56.12. 412,621 shares of the company were exchanged, compared to its average volume of 342,528. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $65.38. The stock’s fifty day moving average is $60.27 and its two-hundred day moving average is $56.18. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 12.73 and a beta of 1.38. The company has a debt-to-equity ratio of 0.35, a current ratio of 24.51 and a quick ratio of 24.51.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share 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 during the quarter, compared to analyst estimates of $67.09 million. Sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 7.05 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

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

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership boosted its stake in Innovative Industrial Properties by 3,423.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company’s stock worth $27,066,000 after purchasing an additional 524,284 shares during the period. BlackRock Inc. acquired a new position in shares of Innovative Industrial Properties during the second quarter worth about $309,746,000. Deutsche Bank AG bought a new position in shares of Innovative Industrial Properties during the second quarter worth about $2,429,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Innovative Industrial Properties during the second quarter worth about $1,537,000. Finally, Compass Financial Management LLC acquired a new stake in Innovative Industrial Properties in the 2nd quarter valued at approximately $4,475,000. Institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Innovative Industrial Properties Company Profile

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.