Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) Director David Stecher sold 7,599 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Innovative Industrial Properties Trading Up 0.7 %
Shares of IIPR traded up $0.48 on Friday, hitting $73.23. 257,785 shares of the stock traded hands, compared to its average volume of 233,906. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $2.07 billion, a P/E ratio of 13.24 and a beta of 1.49. The stock's 50 day moving average is $70.25 and its two-hundred day moving average is $101.07. Innovative Industrial Properties, Inc. has a 1 year low of $62.45 and a 1 year high of $138.35.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.22. The business had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. As a group, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.
Innovative Industrial Properties Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 10.38%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties's payout ratio is 137.43%.
Analysts Set New Price Targets
Several research analysts have weighed in on the stock. JMP Securities restated a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. BTIG Research downgraded shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a report on Monday, December 23rd. Roth Mkm reduced their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Compass Point downgraded shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating and reduced their price target for the company from $125.00 to $78.00 in a report on Friday, December 20th. Finally, Alliance Global Partners downgraded shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a report on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $102.00.
Check Out Our Latest Report on IIPR
Hedge Funds Weigh In On Innovative Industrial Properties
A number of large investors have recently bought and sold shares of IIPR. Pacer Advisors Inc. purchased a new position in Innovative Industrial Properties during the fourth quarter worth approximately $42,006,000. Norges Bank purchased a new position in Innovative Industrial Properties during the fourth quarter worth approximately $22,635,000. Wellington Management Group LLP raised its stake in Innovative Industrial Properties by 48.6% during the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company's stock worth $76,490,000 after purchasing an additional 185,855 shares during the period. Balyasny Asset Management L.P. purchased a new position in Innovative Industrial Properties during the fourth quarter worth approximately $9,615,000. Finally, Voloridge Investment Management LLC raised its stake in Innovative Industrial Properties by 2,683.2% during the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company's stock worth $6,497,000 after purchasing an additional 93,991 shares during the period. Hedge funds and other institutional investors own 70.58% of the company's stock.
Innovative Industrial Properties Company Profile
(
Get Free Report)
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.
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