Key Points
- Chairman Alan Gold bought 2,600 shares on November 24 at an average price of $49.09, a $127,634 transaction disclosed in an SEC filing.
- Innovative Industrial Properties reported quarterly EPS of $1.71 (missing estimates by $0.02) while revenue was $64.69M, down 15.4% year‑over‑year.
- The company paid a quarterly dividend of $1.90 (annualized $7.60) implying a 15.5% yield, but the dividend payout ratio is an elevated 180.09%, raising sustainability concerns.
Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) Chairman Alan Gold purchased 2,600 shares of the stock in a transaction on Monday, November 24th. The stock was acquired at an average cost of $49.09 per share, for a total transaction of $127,634.00. Following the acquisition, the chairman owned 2,600 shares in the company, valued at approximately $127,634. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through this link.
Innovative Industrial Properties Stock Down 0.6%
IIPR stock opened at $48.99 on Wednesday. The company's 50 day moving average is $52.51 and its 200 day moving average is $54.16. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 11.61 and a beta of 1.64. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.19. Innovative Industrial Properties, Inc. has a 1-year low of $44.58 and a 1-year high of $112.17.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings results on Monday, November 3rd. The company reported $1.71 EPS for the quarter, missing analysts' consensus estimates of $1.73 by ($0.02). The company had revenue of $64.69 million during the quarter, compared to analysts' expectations of $63.72 million. Innovative Industrial Properties had a return on equity of 6.77% and a net margin of 45.80%.Innovative Industrial Properties's quarterly revenue was down 15.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.25 EPS. Sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.
Innovative Industrial Properties Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 15.5%. The ex-dividend date of this dividend was Tuesday, September 30th. Innovative Industrial Properties's dividend payout ratio is currently 180.09%.
Hedge Funds Weigh In On Innovative Industrial Properties
Hedge funds have recently made changes to their positions in the business. AdvisorNet Financial Inc raised its holdings in shares of Innovative Industrial Properties by 50.3% during the second quarter. AdvisorNet Financial Inc now owns 559 shares of the company's stock valued at $31,000 after acquiring an additional 187 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Innovative Industrial Properties by 2.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company's stock worth $545,000 after purchasing an additional 207 shares during the period. Bank of Montreal Can boosted its stake in shares of Innovative Industrial Properties by 4.6% during the 2nd quarter. Bank of Montreal Can now owns 5,259 shares of the company's stock valued at $290,000 after purchasing an additional 229 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Innovative Industrial Properties by 1.0% during the second quarter. California State Teachers Retirement System now owns 26,152 shares of the company's stock valued at $1,444,000 after buying an additional 264 shares during the period. Finally, Amalgamated Bank raised its stake in Innovative Industrial Properties by 3.4% in the third quarter. Amalgamated Bank now owns 8,270 shares of the company's stock worth $443,000 after buying an additional 275 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on IIPR shares. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Innovative Industrial Properties in a report on Monday. Piper Sandler lifted their price objective on Innovative Industrial Properties from $43.00 to $44.00 and gave the stock an "underweight" rating in a report on Wednesday, November 5th. One 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's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $78.50.
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About Innovative Industrial Properties
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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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