Key Points
- Director Bruce Alan Ives purchased 528 IIPR shares at an average price of $56.70, investing approximately $29,938 and increasing his direct ownership by 19.91% to 3,180 shares.
- Innovative Industrial Properties reported quarterly EPS of $1.36, beating estimates of $1.02, though revenue of $63.31 million fell short of the $67.09 million consensus forecast.
- The company pays a $1.90 quarterly dividend, equivalent to a 13.5% yield, but its 172.34% payout ratio raises sustainability concerns; analysts maintain an overall “Reduce” rating with a $48 consensus price target.
Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) Director Bruce Alan Ives acquired 528 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were bought at an average price of $56.70 per share, for a total transaction of $29,937.60. Following the purchase, the director directly owned 3,180 shares of the company's stock, valued at approximately $180,306. This trade represents a 19.91% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Innovative Industrial Properties Stock Performance
IIPR opened at $56.12 on Wednesday. The business has a 50 day moving average price of $60.18 and a two-hundred day moving average price of $56.24. The company has a debt-to-equity ratio of 0.35, a current ratio of 24.51 and a quick ratio of 24.51. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 12.73 and a beta of 1.38. Innovative Industrial Properties, Inc. has a 1-year low of $44.58 and a 1-year high of $65.38.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.34. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%.The company had revenue of $63.31 million for the quarter, compared to analysts' expectations of $67.09 million. Research analysts predict that Innovative Industrial Properties, Inc. will post 7.05 EPS for the current fiscal year.
Innovative Industrial Properties Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $1.90 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $7.60 annualized dividend and a yield of 13.5%. Innovative Industrial Properties's payout ratio is 172.34%.
Wall Street Analysts Forecast Growth
Several research firms recently commented on IIPR. Zacks Research lowered shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 5th. Piper Sandler raised their price objective on Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 21st. Finally, Weiss Ratings upgraded Innovative Industrial Properties from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 6th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Innovative Industrial Properties presently has an average rating of "Reduce" and a consensus target price of $48.00.
Read Our Latest Stock Report on Innovative Industrial Properties
Institutional Investors Weigh In On Innovative Industrial Properties
Several institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC bought a new stake in Innovative Industrial Properties in the fourth quarter worth approximately $25,000. Nykredit A S bought a new position in shares of Innovative Industrial Properties in the second quarter valued at approximately $25,000. Advisory Services Network LLC bought a new position in shares of Innovative Industrial Properties in the third quarter valued at approximately $34,000. Los Angeles Capital Management LLC acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter worth $35,000. Finally, Caitlin John LLC acquired a new stake in shares of Innovative Industrial Properties in the second quarter worth $36,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.
About Innovative Industrial Properties
(
Get Free Report)
Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.
Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.
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