Innovative Industrial Properties (NYSE:IIPR) Trading 7.8% Higher

Shares of Innovative Industrial Properties Inc (NYSE:IIPR) traded up 7.8% during mid-day trading on Tuesday . The company traded as high as $107.69 and last traded at $107.41, 531,110 shares changed hands during mid-day trading. An increase of 16% from the average session volume of 458,009 shares. The stock had previously closed at $99.61.

Several research analysts have recently commented on IIPR shares. ValuEngine lowered shares of Innovative Industrial Properties from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $119.00 price target on the stock in a research note on Friday. BTIG Research increased their price target on shares of Innovative Industrial Properties to $148.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Finally, TheStreet lowered shares of Innovative Industrial Properties from a “b-” rating to a “c” rating in a research note on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Innovative Industrial Properties presently has an average rating of “Buy” and an average price target of $91.25.

The firm has a 50 day simple moving average of $116.65. The firm has a market cap of $1.01 billion, a P/E ratio of 80.16 and a beta of 2.01. The company has a debt-to-equity ratio of 0.53, a quick ratio of 209.93 and a current ratio of 51.96.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.30 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.18). Innovative Industrial Properties had a return on equity of 5.17% and a net margin of 47.83%. The business had revenue of $8.62 billion for the quarter, compared to analyst estimates of $8.37 million. During the same quarter last year, the company earned $0.31 EPS. The business’s revenue for the quarter was up 160.0% compared to the same quarter last year. Analysts predict that Innovative Industrial Properties Inc will post 2.53 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $0.60 per share. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, June 27th. This represents a $2.40 annualized dividend and a dividend yield of 2.23%. Innovative Industrial Properties’s dividend payout ratio is 179.10%.

In related news, CEO Paul E. Smithers sold 2,000 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $90.50, for a total value of $181,000.00. Following the transaction, the chief executive officer now directly owns 45,565 shares in the company, valued at approximately $4,123,632.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Brian J. Wolfe sold 3,181 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $89.01, for a total transaction of $283,140.81. Following the completion of the transaction, the vice president now owns 14,955 shares in the company, valued at $1,331,144.55. The disclosure for this sale can be found here. Corporate insiders own 5.20% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Covenant Multifamily Offices LLC acquired a new stake in Innovative Industrial Properties in the 1st quarter worth $25,000. CENTRAL TRUST Co acquired a new stake in Innovative Industrial Properties in the 1st quarter worth $41,000. Focused Wealth Management Inc grew its position in Innovative Industrial Properties by 230.0% in the 2nd quarter. Focused Wealth Management Inc now owns 330 shares of the company’s stock worth $41,000 after purchasing an additional 230 shares during the last quarter. TRUE Private Wealth Advisors acquired a new stake in Innovative Industrial Properties in the 2nd quarter worth $42,000. Finally, RPG Investment Advisory LLC grew its position in Innovative Industrial Properties by 700.0% in the 1st quarter. RPG Investment Advisory LLC now owns 600 shares of the company’s stock worth $49,000 after purchasing an additional 525 shares during the last quarter. Institutional investors and hedge funds own 61.11% of the company’s stock.

About Innovative Industrial Properties (NYSE:IIPR)

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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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