Innovative Industrial Properties, Inc. (NYSE:IIPR) Director David Stecher Sells 7,599 Shares

Innovative Industrial Properties, Inc. (NYSE:IIPR) Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now directly owns 1,346 shares of the company’s stock, valued at $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Innovative Industrial Properties Stock Up 2.1 %

NYSE:IIPR opened at $72.51 on Thursday. The company has a market cap of $2.05 billion, a price-to-earnings ratio of 13.11 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The stock’s fifty day moving average price is $70.06 and its two-hundred day moving average price is $102.07. Innovative Industrial Properties, Inc. has a 52-week low of $62.45 and a 52-week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.22. The company had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. On average, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 10.48%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on IIPR. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Finally, Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their price target for the company from $118.00 to $70.00 in a report on Friday, December 20th. One analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Hold” and an average price target of $102.00.

Institutional Investors Weigh In On Innovative Industrial Properties

Several institutional investors have recently modified their holdings of IIPR. US Bancorp DE grew its holdings in Innovative Industrial Properties by 75.3% during the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after acquiring an additional 189 shares during the period. Van ECK Associates Corp grew its stake in shares of Innovative Industrial Properties by 12.3% during the third quarter. Van ECK Associates Corp now owns 4,843 shares of the company’s stock worth $641,000 after purchasing an additional 531 shares during the period. CWA Asset Management Group LLC bought a new stake in Innovative Industrial Properties in the third quarter valued at about $713,000. Verdence Capital Advisors LLC acquired a new position in Innovative Industrial Properties in the third quarter valued at about $228,000. Finally, Assetmark Inc. boosted its holdings in Innovative Industrial Properties by 18.6% during the third quarter. Assetmark Inc. now owns 6,836 shares of the company’s stock worth $920,000 after buying an additional 1,073 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.