Innovative Industrial Properties Inc (NYSE:IIPR) dropped 8.4% on Friday . The stock traded as low as $122.42 and last traded at $126.08, approximately 2,981,758 shares changed hands during mid-day trading. An increase of 576% from the average daily volume of 441,252 shares. The stock had previously closed at $137.62.
IIPR has been the topic of several analyst reports. Zacks Investment Research lowered shares of Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, June 26th. LADENBURG THALM/SH SH lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Wednesday, March 20th. Finally, BTIG Research increased their price objective on shares of Innovative Industrial Properties to $148.00 and gave the company a “buy” rating in a report on Thursday, June 20th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Innovative Industrial Properties presently has an average rating of “Buy” and an average price target of $96.25.
The stock’s fifty day moving average is $109.57. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of 94.09 and a beta of 2.02. The company has a quick ratio of 209.93, a current ratio of 209.93 and a debt-to-equity ratio of 0.52.
Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.34 earnings per share for the quarter. Innovative Industrial Properties had a net margin of 51.37% and a return on equity of 4.97%. The business had revenue of $6.82 million for the quarter. On average, research analysts anticipate that Innovative Industrial Properties Inc will post 2.64 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.60 dividend. The ex-dividend date is Thursday, June 27th. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $0.45. This represents a $2.40 annualized dividend and a yield of 1.90%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 179.10%.
In other Innovative Industrial Properties news, CEO Paul E. Smithers sold 2,000 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $90.50, for a total value of $181,000.00. Following the sale, the chief executive officer now directly owns 45,565 shares in the company, valued at $4,123,632.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Brian J. Wolfe sold 3,181 shares of the stock in a transaction on Friday, May 17th. The stock was sold at an average price of $89.01, for a total transaction of $283,140.81. Following the completion of the sale, the vice president now owns 14,955 shares in the company, valued at $1,331,144.55. The disclosure for this sale can be found here. Company insiders own 5.20% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Flagship Harbor Advisors LLC raised its holdings in Innovative Industrial Properties by 4.7% in the first quarter. Flagship Harbor Advisors LLC now owns 3,706 shares of the company’s stock worth $302,000 after purchasing an additional 165 shares during the period. Menta Capital LLC raised its holdings in Innovative Industrial Properties by 1.5% in the first quarter. Menta Capital LLC now owns 13,409 shares of the company’s stock worth $1,095,000 after purchasing an additional 200 shares during the period. Nomura Asset Management Co. Ltd. raised its holdings in Innovative Industrial Properties by 3.4% in the first quarter. Nomura Asset Management Co. Ltd. now owns 6,100 shares of the company’s stock worth $498,000 after purchasing an additional 200 shares during the period. Citigroup Inc. raised its holdings in Innovative Industrial Properties by 9.7% in the fourth quarter. Citigroup Inc. now owns 2,302 shares of the company’s stock worth $105,000 after purchasing an additional 204 shares during the period. Finally, Covenant Multifamily Offices LLC bought a new stake in shares of Innovative Industrial Properties during the first quarter worth $25,000. Institutional investors own 61.50% of the company’s stock.
About Innovative Industrial Properties (NYSE:IIPR)
Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.
Further Reading: Buy Rating
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