Insider Selling: Innovative Industrial Properties, Inc. (NYSE:IIPR) Director Sells 7,599 Shares of Stock

Innovative Industrial Properties, Inc. (NYSE:IIPR) Director David Stecher sold 7,599 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now directly owns 1,346 shares of the company’s stock, valued at $94,960.30. This trade represents a 84.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Innovative Industrial Properties Stock Performance

Shares of IIPR traded up $1.08 during mid-day trading on Wednesday, hitting $72.13. 307,767 shares of the company’s stock were exchanged, compared to its average volume of 232,500. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $2.04 billion, a P/E ratio of 13.04 and a beta of 1.49. Innovative Industrial Properties, Inc. has a fifty-two week low of $62.45 and a fifty-two week high of $138.35. The business’s 50 day moving average is $70.06 and its two-hundred day moving average is $102.07.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. On average, equities analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $1.90 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 10.54%. Innovative Industrial Properties’s dividend payout ratio is presently 137.43%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on IIPR shares. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $118.00 to $70.00 in a research report on Friday, December 20th. Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. Finally, JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $102.00.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Bogart Wealth LLC acquired a new position in Innovative Industrial Properties in the 4th quarter valued at approximately $27,000. Canton Hathaway LLC acquired a new stake in Innovative Industrial Properties in the 3rd quarter valued at about $55,000. Loomis Sayles & Co. L P increased its position in Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after acquiring an additional 407 shares in the last quarter. US Bancorp DE increased its position in Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after acquiring an additional 189 shares in the last quarter. Finally, Compass Financial Services Inc acquired a new stake in Innovative Industrial Properties in the 4th quarter valued at about $32,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

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.