David Jon Smith Acquires 600 Shares of Innovative Industrial Properties (NYSE:IIPR) Stock

Innovative Industrial Properties, Inc. (NYSE:IIPR) CFO David Jon Smith purchased 600 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The shares were bought at an average price of $45.90 per share, for a total transaction of $27,540.00. Following the completion of the purchase, the chief financial officer directly owned 600 shares in the company, valued at $27,540. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Innovative Industrial Properties Stock Performance

NYSE IIPR traded down $1.22 during trading hours on Thursday, hitting $44.67. The company had a trading volume of 512,033 shares, compared to its average volume of 317,113. The business has a 50 day moving average of $53.26 and a 200-day moving average of $54.34. The company has a market cap of $1.25 billion, a PE ratio of 10.59 and a beta of 1.64. Innovative Industrial Properties, Inc. has a 1-year low of $44.58 and a 1-year high of $112.82. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.75 and a current ratio of 2.75.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, November 3rd. The company reported $1.71 EPS for the quarter, missing analysts’ consensus estimates 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 firm’s revenue for the quarter was down 15.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.25 EPS. As a group, equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a $1.90 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 17.0%. Innovative Industrial Properties’s payout ratio is currently 180.09%.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently bought and sold shares of IIPR. Vanguard Group Inc. increased its stake in Innovative Industrial Properties by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 4,469,353 shares of the company’s stock valued at $241,747,000 after buying an additional 45,617 shares during the period. Invesco Ltd. boosted its holdings in shares of Innovative Industrial Properties by 15.2% in the third quarter. Invesco Ltd. now owns 440,364 shares of the company’s stock valued at $23,595,000 after acquiring an additional 58,231 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Innovative Industrial Properties by 5.7% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 304,527 shares of the company’s stock valued at $16,317,000 after acquiring an additional 16,471 shares in the last quarter. AlphaCore Capital LLC increased its stake in shares of Innovative Industrial Properties by 0.8% during the third quarter. AlphaCore Capital LLC now owns 211,407 shares of the company’s stock worth $11,729,000 after acquiring an additional 1,777 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in Innovative Industrial Properties by 6.7% during the first quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company’s stock worth $11,433,000 after purchasing an additional 13,291 shares in the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

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.