Innovative Industrial Properties (NYSE:IIPR) Director Scott Shoemaker Sells 611 Shares

Innovative Industrial Properties, Inc. (NYSE:IIPR) Director Scott Shoemaker sold 611 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total value of $34,435.96. Following the transaction, the director directly owned 2,000 shares in the company, valued at $112,720. This trade represents a 23.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Innovative Industrial Properties Trading Up 0.7%

NYSE:IIPR opened at $56.30 on Friday. Innovative Industrial Properties, Inc. has a 12 month low of $44.58 and a 12 month high of $65.38. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of 12.77 and a beta of 1.35. The company has a 50-day moving average price of $58.75 and a 200-day moving average price of $56.94. The company has a current ratio of 24.51, a quick ratio of 24.51 and a debt-to-equity ratio of 0.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.34. The business had revenue of $63.31 million for the quarter, compared to analysts’ expectations of $67.09 million. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%. Equities analysts predict that Innovative Industrial Properties, Inc. will post 7.05 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $7.60 annualized dividend and a yield of 13.5%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 172.34%.

Hedge Funds Weigh In On Innovative Industrial Properties

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Innovative Industrial Properties during the 2nd quarter valued at $309,746,000. Arrowstreet Capital Limited Partnership boosted its holdings in Innovative Industrial Properties by 3,423.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company’s stock worth $27,066,000 after buying an additional 524,284 shares during the period. Deutsche Bank AG purchased a new stake in Innovative Industrial Properties in the 2nd quarter worth $2,429,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Innovative Industrial Properties during the second quarter valued at about $1,537,000. Finally, Compass Financial Management LLC bought a new stake in Innovative Industrial Properties during the second quarter valued at about $4,475,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Weiss Ratings raised shares of Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Piper Sandler lifted their target price on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the company an “underweight” rating in a report on Tuesday, July 21st. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Reduce” and an average target price of $48.00.

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 that are used for cannabis cultivation and processing.

IIPR generally leases its properties to state-licensed cannabis operators through long-term, often triple-net lease agreements. Under these arrangements, tenants typically remain responsible for property-level expenses such as maintenance, insurance and taxes.