Bruce Alan Ives Buys 528 Shares of Innovative Industrial Properties (NYSE:IIPR) Stock

Innovative Industrial Properties, Inc. (NYSE:IIPR) Director Bruce Alan Ives acquired 528 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The shares were purchased at an average price of $56.70 per share, with a total value of $29,937.60. Following the completion of the transaction, the director owned 3,180 shares of the company’s stock, valued at $180,306. The trade was a 19.91% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $56.91 on Thursday. 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 firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 12.90 and a beta of 1.35. The company’s 50-day moving average is $60.09 and its two-hundred day moving average is $56.32. 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) last posted its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.34. The business had revenue of $63.31 million during the quarter, compared to analysts’ expectations of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. Analysts forecast that Innovative Industrial Properties, Inc. will post 7.05 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 13.4%. The ex-dividend date was Tuesday, June 30th. Innovative Industrial Properties’s dividend payout ratio is presently 172.34%.

Institutional Investors Weigh In On Innovative Industrial Properties

Institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC acquired a new position in shares of Innovative Industrial Properties in the 4th quarter worth approximately $25,000. Nykredit A S acquired a new stake in Innovative Industrial Properties in the 2nd quarter valued at approximately $25,000. Advisory Services Network LLC acquired a new stake in Innovative Industrial Properties in the 3rd quarter valued at approximately $34,000. Los Angeles Capital Management LLC purchased a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $35,000. Finally, Caitlin John LLC acquired a new position in Innovative Industrial Properties during the second quarter worth $36,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on IIPR. Weiss Ratings upgraded Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Piper Sandler increased their price target on Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, July 21st. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $48.00.

About Innovative Industrial Properties

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.