Alan Gold Purchases 1,000 Shares of Innovative Industrial Properties (NYSE:IIPR) Stock

Innovative Industrial Properties, Inc. (NYSE:IIPR) Chairman Alan Gold acquired 1,000 shares of the stock in a transaction that occurred on Wednesday, November 19th. The stock was purchased at an average price of $46.26 per share, with a total value of $46,260.00. Following the transaction, the chairman owned 57,500 shares in the company, valued at $2,659,950. This represents a 1.77% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Innovative Industrial Properties Stock Down 2.7%

Shares of NYSE IIPR traded down $1.22 during mid-day trading on Thursday, reaching $44.67. 512,033 shares of the company’s stock were exchanged, compared to its average volume of 317,113. Innovative Industrial Properties, Inc. has a twelve month low of $44.58 and a twelve month high of $112.82. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.19. The business has a fifty day simple moving average of $53.26 and a 200 day simple moving average of $54.34. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 10.59 and a beta of 1.64.

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

Innovative Industrial Properties Dividend Announcement

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

Hedge Funds Weigh In On Innovative Industrial Properties

Several large investors have recently modified their holdings of the stock. FCG Investment Co bought a new position in shares of Innovative Industrial Properties in the second quarter worth $579,000. Intech Investment Management LLC lifted its position in Innovative Industrial Properties by 83.7% during the first quarter. Intech Investment Management LLC now owns 45,431 shares of the company’s stock worth $2,457,000 after purchasing an additional 20,701 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Innovative Industrial Properties by 5.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 19,234 shares of the company’s stock worth $1,040,000 after purchasing an additional 1,000 shares during the period. AlphaQuest LLC grew its stake in Innovative Industrial Properties by 152.5% during the second quarter. AlphaQuest LLC now owns 10,013 shares of the company’s stock worth $553,000 after buying an additional 6,047 shares in the last quarter. Finally, Penserra Capital Management LLC increased its holdings in Innovative Industrial Properties by 77.1% in the 2nd quarter. Penserra Capital Management LLC now owns 18,476 shares of the company’s stock valued at $1,020,000 after buying an additional 8,044 shares during the period. 70.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

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.