Key Points
- Chairman Alan Gold purchased 40,000 IIPR shares at $25 each, investing $1 million in the company and establishing a 40,000-share position.
- IIPR reported quarterly EPS of $1.36, exceeding estimates of $1.02, while revenue of $63.31 million fell short of the $67.09 million consensus.
- The company declared a $1.90 quarterly dividend, equivalent to $7.60 annually and a 14.7% yield, though its payout ratio remains elevated at 172.34%.
Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) Chairman Alan Gold bought 40,000 shares of the company's stock in a transaction dated Thursday, October 8th. The stock was bought at an average cost of $25.00 per share, with a total value of $1,000,000.00. Following the completion of the transaction, the chairman owned 40,000 shares in the company, valued at approximately $1,000,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Innovative Industrial Properties Trading Up 0.7%
Shares of IIPR opened at $51.57 on Wednesday. Innovative Industrial Properties, Inc. has a 1-year low of $44.58 and a 1-year high of $65.38. The company has a current ratio of 24.51, a quick ratio of 24.51 and a debt-to-equity ratio of 0.35. The firm's 50-day moving average price is $55.52 and its 200-day moving average price is $56.90. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 7.01 and a beta of 1.37.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.34. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. The company had revenue of $63.31 million during the quarter, compared to the consensus estimate of $67.09 million. Sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 7.04 EPS for the current year.
Innovative Industrial Properties Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 14.7%. The ex-dividend date of this dividend is Wednesday, September 30th. Innovative Industrial Properties's payout ratio is presently 172.34%.
Institutional Trading of Innovative Industrial Properties
Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC increased its stake in shares of Innovative Industrial Properties by 26.3% in the 3rd quarter. GAMMA Investing LLC now owns 1,833 shares of the company's stock worth $97,000 after acquiring an additional 382 shares in the last quarter. Farther Finance Advisors LLC lifted its position in Innovative Industrial Properties by 153.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,764 shares of the company's stock valued at $146,000 after acquiring an additional 1,673 shares during the period. QRG Capital Management Inc. lifted its position in Innovative Industrial Properties by 144.9% during the 2nd quarter. QRG Capital Management Inc. now owns 10,229 shares of the company's stock valued at $634,000 after acquiring an additional 6,053 shares during the period. Integrated Wealth Concepts LLC purchased a new position in Innovative Industrial Properties during the 2nd quarter valued at about $211,000. Finally, NewEdge Advisors LLC boosted its stake in Innovative Industrial Properties by 6.7% during the second quarter. NewEdge Advisors LLC now owns 6,793 shares of the company's stock worth $421,000 after acquiring an additional 424 shares in the last quarter. Institutional investors own 70.58% of the company's stock.
Wall Street Analysts Forecast Growth
IIPR has been the subject of several research reports. Huntington assumed coverage on Innovative Industrial Properties in a research report on Friday, October 2nd. They issued an "outperform" rating and a $60.00 target price for the company. Piper Sandler lowered their target price on Innovative Industrial Properties from $51.00 to $44.00 and set an "underweight" rating for the company in a research note on Monday. Finally, Weiss Ratings lowered Innovative Industrial Properties from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, October 8th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $49.67.
Read Our Latest Stock Analysis on IIPR
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, including cultivation, processing and distribution facilities, that are leased to experienced cannabis operators.
Innovative Industrial Properties generally provides capital to cannabis companies through sale-leaseback transactions and other real estate arrangements. Its leases are typically structured as long-term, triple-net agreements, under which tenants are generally responsible for property operating expenses, maintenance and taxes.
Founded in 2016, the company serves state-regulated cannabis markets in the United States, with properties located in jurisdictions that permit medical-use cannabis.
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