Key Points
- Director Scott Shoemaker sold 611 IIPR shares at an average price of $56.36, totaling $34,435.96 and reducing his ownership by 23.4% to 2,000 shares.
- IIPR reported quarterly EPS of $1.36, beating estimates of $1.02, while revenue of $63.31 million fell short of the $67.09 million consensus estimate.
- The company declared a quarterly dividend of $1.90, or $7.60 annualized, representing a 13.5% yield; analysts maintain a consensus “Reduce” rating with a $48 price target.
Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) Director Scott Shoemaker sold 611 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total value of $34,435.96. Following the transaction, the director owned 2,000 shares of the company's stock, valued at $112,720. This represents a 23.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Innovative Industrial Properties Stock Up 0.7%
Shares of NYSE IIPR opened at $56.30 on Friday. The firm's 50-day moving average price is $58.75 and its 200-day moving average price is $56.94. The company has a current ratio of 24.51, a quick ratio of 24.51 and a debt-to-equity ratio of 0.35. Innovative Industrial Properties, Inc. has a 12-month low of $44.58 and a 12-month high of $65.38. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 12.77 and a beta of 1.35.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $63.31 million during the quarter, compared to analyst estimates of $67.09 million. On average, equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 7.05 EPS for the current fiscal year.
Innovative Industrial Properties Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 13.5%. The ex-dividend date is Wednesday, September 30th. Innovative Industrial Properties's dividend payout ratio is presently 172.34%.
Institutional Trading of Innovative Industrial Properties
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth $309,746,000. Arrowstreet Capital Limited Partnership raised its holdings in Innovative Industrial Properties by 3,423.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company's stock worth $27,066,000 after purchasing an additional 524,284 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Innovative Industrial Properties by 4.7% during the first quarter. Dimensional Fund Advisors LP now owns 366,811 shares of the company's stock valued at $18,399,000 after buying an additional 16,444 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Innovative Industrial Properties during the second quarter valued at about $12,793,000. Finally, Legal & General Group Plc boosted its holdings in shares of Innovative Industrial Properties by 13.4% in the 4th quarter. Legal & General Group Plc now owns 193,926 shares of the company's stock valued at $9,184,000 after buying an additional 22,926 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company's stock.
Analyst Ratings Changes
IIPR has been the subject of a number of recent analyst reports. Piper Sandler boosted their target price on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the company an "underweight" rating in a research note on Tuesday, July 21st. 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 given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $48.00.
Check Out Our Latest Analysis on Innovative Industrial Properties
About Innovative Industrial Properties
(
Get Free Report)
Innovative Industrial Properties, Inc (NYSE: IIPR) is a real estate investment trust focused on the regulated cannabis industry. The company acquires, owns and manages specialized industrial properties that are used for cannabis cultivation and processing.
IIPR generally leases its properties to state-licensed cannabis operators through long-term, often triple-net lease agreements. Under these arrangements, tenants typically remain responsible for property-level expenses such as maintenance, insurance and taxes.
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