Scott Shoemaker Sells 611 Shares of Innovative Industrial Properties (NYSE:IIPR) Stock

Innovative Industrial Properties, Inc. (NYSE:IIPR) Director Scott Shoemaker sold 611 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $56.36, for a total value of $34,435.96. Following the completion of the transaction, the director owned 2,000 shares of the company’s stock, valued at approximately $112,720. This trade represents a 23.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $55.64 on Friday. The company’s fifty day moving average price is $58.58 and its 200-day moving average price is $56.93. The stock has a market cap of $1.53 billion, a PE ratio of 12.62 and a beta of 1.35. 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.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.34. The company had revenue of $63.31 million during the quarter, compared to analyst estimates of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. On average, equities analysts expect that Innovative Industrial Properties, Inc. will post 7.05 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a $1.90 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 13.7%. Innovative Industrial Properties’s dividend payout ratio is presently 172.34%.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Innovative Industrial Properties

Several institutional investors and hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new position in Innovative Industrial Properties in the 2nd quarter valued at approximately $211,000. NewEdge Advisors LLC increased its holdings in shares of Innovative Industrial Properties by 6.7% in the 2nd quarter. NewEdge Advisors LLC now owns 6,793 shares of the company’s stock worth $421,000 after purchasing an additional 424 shares in the last quarter. Nykredit A S bought a new stake in shares of Innovative Industrial Properties in the 2nd quarter worth $25,000. Corient Private Wealth LP purchased a new position in shares of Innovative Industrial Properties in the second quarter worth $1,364,000. Finally, Amundi raised its stake in shares of Innovative Industrial Properties by 2.2% in the second quarter. Amundi now owns 19,029 shares of the company’s stock worth $1,179,000 after purchasing an additional 413 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

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.