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

Innovative Industrial Properties, Inc. (NYSE:IIPR) Chairman Alan Gold purchased 2,600 shares of the stock in a transaction dated Monday, November 24th. The shares were acquired at an average price 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 in the company, valued at approximately $127,634. This trade represents a ∞ 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 Trading Down 0.6%

NYSE IIPR traded down $0.28 during trading on Tuesday, hitting $48.99. The stock had a trading volume of 276,271 shares, compared to its average volume of 325,416. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 0.19. Innovative Industrial Properties, Inc. has a twelve month low of $44.58 and a twelve month high of $112.17. The company has a market capitalization of $1.37 billion, a PE ratio of 11.61 and a beta of 1.64. The firm has a 50 day moving average price of $52.51 and a 200 day moving average price of $54.16.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, November 3rd. The company reported $1.71 earnings per share for the quarter, missing the consensus estimate of $1.73 by ($0.02). Innovative Industrial Properties had a net margin of 45.80% and a return on equity of 6.77%. The firm had revenue of $64.69 million during the quarter, compared to analyst estimates of $63.72 million. During the same period last year, the business earned $2.25 EPS. The firm’s revenue was down 15.4% compared to the same quarter last year. As a group, equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 15.5%. The ex-dividend date of this dividend was Tuesday, September 30th. Innovative Industrial Properties’s dividend payout ratio is 180.09%.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. AlphaCore Capital LLC acquired a new position in shares of Innovative Industrial Properties during the second quarter worth about $11,576,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Innovative Industrial Properties by 229.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company’s stock worth $15,906,000 after buying an additional 200,652 shares in the last quarter. Edgestream Partners L.P. purchased a new position in shares of Innovative Industrial Properties during the 2nd quarter worth approximately $8,099,000. Millennium Management LLC lifted its holdings in Innovative Industrial Properties by 1,131.0% in the first quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock valued at $8,520,000 after acquiring an additional 144,714 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Innovative Industrial Properties by 40.5% during the 2nd quarter. Invesco Ltd. now owns 382,133 shares of the company’s stock worth $21,101,000 after purchasing an additional 110,236 shares during the period. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IIPR has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (d+)” rating on shares of Innovative Industrial Properties in a research report on Monday. 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 report on Wednesday, November 5th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $78.50.

About Innovative Industrial Properties

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.