Innovative Industrial Properties Inc (NYSE:IIPR) Chairman Alan D. Gold bought 1,625 shares of Innovative Industrial Properties stock in a transaction dated Thursday, December 12th. The stock was acquired at an average cost of $73.07 per share, with a total value of $118,738.75. Following the completion of the acquisition, the chairman now directly owns 323,894 shares of the company’s stock, valued at approximately $23,666,934.58. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Shares of Innovative Industrial Properties stock traded down $0.50 on Friday, reaching $73.15. 3,007 shares of the stock were exchanged, compared to its average volume of 339,393. Innovative Industrial Properties Inc has a 1-year low of $42.55 and a 1-year high of $139.53. The company has a current ratio of 295.73, a quick ratio of 295.73 and a debt-to-equity ratio of 0.31. The business has a fifty day moving average price of $77.12 and a two-hundred day moving average price of $95.43. The firm has a market capitalization of $870.30 million, a PE ratio of 54.55 and a beta of 1.99.
Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.12). Innovative Industrial Properties had a return on equity of 5.45% and a net margin of 51.10%. The firm had revenue of $11.56 million for the quarter, compared to analyst estimates of $10.70 million. During the same quarter last year, the firm earned $0.32 earnings per share. The company’s revenue was up 194.1% compared to the same quarter last year. Research analysts expect that Innovative Industrial Properties Inc will post 2.67 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.00 per share. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $0.78. This represents a $4.00 annualized dividend and a yield of 5.47%. The ex-dividend date is Monday, December 30th. Innovative Industrial Properties’s dividend payout ratio is presently 232.84%.
A number of institutional investors and hedge funds have recently modified their holdings of IIPR. Winslow Evans & Crocker Inc. grew its position in Innovative Industrial Properties by 115.4% during the third quarter. Winslow Evans & Crocker Inc. now owns 280 shares of the company’s stock worth $26,000 after buying an additional 150 shares during the period. Stonebridge Capital Advisors LLC acquired a new position in Innovative Industrial Properties during the second quarter worth about $36,000. North Star Investment Management Corp. acquired a new position in Innovative Industrial Properties during the third quarter worth about $36,000. TRUE Private Wealth Advisors acquired a new position in Innovative Industrial Properties during the second quarter worth about $42,000. Finally, Executive Wealth Management LLC grew its position in Innovative Industrial Properties by 11,500.0% during the second quarter. Executive Wealth Management LLC now owns 580 shares of the company’s stock worth $72,000 after buying an additional 575 shares during the period. Institutional investors own 68.49% of the company’s stock.
A number of brokerages have recently issued reports on IIPR. ValuEngine lowered shares of Innovative Industrial Properties from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. TheStreet upgraded shares of Innovative Industrial Properties from a “c” rating to a “b” rating in a research note on Monday, December 2nd. Finally, Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “hold” rating to a “strong-buy” rating and set a $79.00 price target on the stock in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $113.50.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.
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