Key Points
- CFO David Jon Smith bought 600 shares on Nov. 20 at $45.90 each, a $27,540 insider purchase disclosed in an SEC Form 4.
- The company pays a quarterly dividend of $1.90 ($7.60 annualized), implying a 16.1% yield with a 180% payout ratio, which raises sustainability concerns.
- Shares trade around $47.18—below the 50- and 200-day moving averages and near the 52-week low—following a slight EPS miss and a 15.4% YoY revenue decline, and analysts' consensus rating is "Reduce" (average target $78.50).
Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) CFO David Jon Smith acquired 600 shares of Innovative Industrial Properties stock in a transaction on Thursday, November 20th. The shares were bought at an average cost of $45.90 per share, with a total value of $27,540.00. Following the completion of the purchase, the chief financial officer owned 600 shares in the company, valued at $27,540. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link.
Innovative Industrial Properties Stock Performance
Shares of NYSE:IIPR traded up $2.60 during trading on Friday, reaching $47.18. The company had a trading volume of 142,171 shares, compared to its average volume of 316,222. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.75 and a quick ratio of 2.75. The stock's fifty day moving average price is $53.01 and its 200 day moving average price is $54.28. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $112.82. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 11.15 and a beta of 1.64.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings results on Monday, November 3rd. The company reported $1.71 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.73 by ($0.02). The firm had revenue of $64.69 million for the quarter, compared to analyst estimates of $63.72 million. Innovative Industrial Properties had a return on equity of 6.77% and a net margin of 45.80%.The company's revenue was down 15.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.25 earnings per share. As a group, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.
Innovative Industrial Properties Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 16.1%. The ex-dividend date of this dividend was Tuesday, September 30th. Innovative Industrial Properties's dividend payout ratio is 180.09%.
Institutional Trading of Innovative Industrial Properties
A number of hedge funds have recently bought and sold shares of the company. Signaturefd LLC grew its stake in Innovative Industrial Properties by 49.7% in the 1st quarter. Signaturefd LLC now owns 756 shares of the company's stock worth $41,000 after acquiring an additional 251 shares during the period. Allianz Asset Management GmbH purchased a new stake in shares of Innovative Industrial Properties in the first quarter valued at $947,000. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in Innovative Industrial Properties by 1.5% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 27,727 shares of the company's stock valued at $1,500,000 after purchasing an additional 411 shares during the last quarter. Cetera Investment Advisers increased its stake in Innovative Industrial Properties by 3.9% in the first quarter. Cetera Investment Advisers now owns 13,762 shares of the company's stock valued at $744,000 after purchasing an additional 522 shares during the last quarter. Finally, Inspire Advisors LLC purchased a new position in Innovative Industrial Properties during the first quarter worth about $275,000. Institutional investors and hedge funds own 70.58% of the company's stock.
Analysts Set New Price Targets
A number of analysts recently weighed in on IIPR shares. Piper Sandler lifted their price target on Innovative Industrial Properties from $43.00 to $44.00 and gave the company an "underweight" rating in a research note on Wednesday, November 5th. Weiss Ratings restated a "sell (d+)" rating on shares of Innovative Industrial Properties in a research report on Monday. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $78.50.
Check Out Our Latest Report on IIPR
About Innovative Industrial Properties
(
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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