Insider Buying: Innovative Industrial Properties (NYSE:IIPR) Chairman Acquires 40,000 Shares of Stock

Innovative Industrial Properties, Inc. (NYSE:IIPR) Chairman Alan Gold acquired 40,000 shares of the stock in a transaction that occurred on Thursday, October 8th. The stock was purchased at an average price of $25.00 per share, for a total transaction of $1,000,000.00. Following the completion of the purchase, the chairman directly owned 40,000 shares in the company, valued at $1,000,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Innovative Industrial Properties Stock Performance

NYSE IIPR traded up $0.06 during trading on Tuesday, hitting $51.25. 95,890 shares of the company’s stock traded hands, compared to its average volume of 350,437. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 11.61 and a beta of 1.37. Innovative Industrial Properties, Inc. has a 12-month low of $44.58 and a 12-month high of $65.38. The company has a debt-to-equity ratio of 0.35, a quick ratio of 24.51 and a current ratio of 24.51. The business has a 50 day moving average of $55.69 and a 200-day moving average of $56.91.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.34. The firm had revenue of $63.31 million during the quarter, compared to analyst estimates of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. As a group, equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 7.05 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.8%. The ex-dividend date is Wednesday, September 30th. Innovative Industrial Properties’s dividend payout ratio is presently 172.34%.

Institutional Investors Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC grew its stake in Innovative Industrial Properties by 26.3% during the third quarter. GAMMA Investing LLC now owns 1,833 shares of the company’s stock valued at $97,000 after acquiring an additional 382 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in Innovative Industrial Properties by 153.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,764 shares of the company’s stock worth $146,000 after purchasing an additional 1,673 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in Innovative Industrial Properties by 144.9% in the 2nd quarter. QRG Capital Management Inc. now owns 10,229 shares of the company’s stock valued at $634,000 after purchasing an additional 6,053 shares during the period. Integrated Wealth Concepts LLC bought a new position in shares of Innovative Industrial Properties in the second quarter worth $211,000. Finally, NewEdge Advisors LLC raised its position in shares of Innovative Industrial Properties by 6.7% in the second quarter. NewEdge Advisors LLC now owns 6,793 shares of the company’s stock worth $421,000 after buying an additional 424 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $51.00 to $44.00 and set an “underweight” rating for the company in a research note on Monday. Weiss Ratings downgraded Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday. Finally, Huntington initiated coverage on Innovative Industrial Properties in a report on Friday, October 2nd. They issued an “outperform” rating and a $60.00 price target for the company. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $49.67.

About Innovative Industrial Properties

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, including cultivation, processing and distribution facilities, that are leased to experienced cannabis operators.

Innovative Industrial Properties generally provides capital to cannabis companies through sale-leaseback transactions and other real estate arrangements. Its leases are typically structured as long-term, triple-net agreements, under which tenants are generally responsible for property operating expenses, maintenance and taxes.

Founded in 2016, the company serves state-regulated cannabis markets in the United States, with properties located in jurisdictions that permit medical-use cannabis.