Innovative Industrial Properties (NYSE:IIPR) Share Price Breaks Below 200-Day Moving Average – Here’s What Happened

Innovative Industrial Properties, Inc. (NYSE:IIPR) crossed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $55.21 and traded as low as $54.13. Innovative Industrial Properties shares last traded at $55.0870, with a volume of 199,841 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Zacks Research raised shares of Innovative Industrial Properties from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 6th. Stifel Nicolaus initiated coverage on shares of Innovative Industrial Properties in a research report on Wednesday, October 14th. They issued a “buy” rating and a $56.25 price target on the stock. Piper Sandler lifted their price target on Innovative Industrial Properties from $44.00 to $46.00 and gave the company an “underweight” rating in a research note on Wednesday, November 4th. Weiss Ratings lowered Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Finally, Huntington began coverage on Innovative Industrial Properties in a report on Friday, October 2nd. They set an “outperform” rating and a $60.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.25.

Innovative Industrial Properties Trading Down 0.8%

The company has a debt-to-equity ratio of 0.41, a quick ratio of 10.66 and a current ratio of 10.66. The firm has a 50 day simple moving average of $54.20 and a two-hundred day simple moving average of $55.21. The firm has a market capitalization of $1.52 billion, a P/E ratio of 12.44 and a beta of 1.33.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, November 2nd. The company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.09. Innovative Industrial Properties had a net margin of 53.20% and a return on equity of 8.01%. The firm had revenue of $64.92 million during the quarter, compared to analyst estimates of $61.03 million. Equities research analysts forecast that Innovative Industrial Properties, Inc. will post 6.88 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 13.8%. The ex-dividend date of this dividend was Wednesday, September 30th. Innovative Industrial Properties’s dividend payout ratio is presently 171.56%.

Insiders Place Their Bets

In other news, Chairman Alan Gold acquired 40,000 shares of the firm’s stock in a transaction 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 purchase, the chairman owned 40,000 shares in the company, valued at approximately $1,000,000. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Scott Shoemaker sold 611 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total transaction of $34,435.96. Following the completion of the sale, the director owned 2,000 shares of the company’s stock, valued at approximately $112,720. This trade represents a 23.40% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Innovative Industrial Properties

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new position in Innovative Industrial Properties in the 2nd quarter valued at $309,746,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of 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 last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Innovative Industrial Properties by 4.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 366,811 shares of the company’s stock worth $18,399,000 after buying an additional 16,444 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Innovative Industrial Properties in the 2nd quarter worth about $12,793,000. Finally, Legal & General Group Plc bought a new position in Innovative Industrial Properties during the second quarter valued at about $10,438,000. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc. (NYSE: IIPR) is a real estate investment trust focused on properties used by the regulated cannabis industry. The company acquires and owns specialized facilities, such as cultivation and processing sites, and leases them to state-licensed cannabis operators. IIPR commonly uses sale-leaseback transactions, in which an operator sells a property to the company and then leases it back. Its leases are generally structured so tenants are responsible for property expenses, including taxes, insurance and maintenance.