Insider Buying: Innovative Industrial Properties (NYSE:IIPR) Chairman Buys $1,000,000.00 in Stock

Innovative Industrial Properties, Inc. (NYSE:IIPR) Chairman Alan Gold purchased 40,000 shares of the firm’s stock in a transaction on Thursday, October 8th. The shares were purchased at an average price of $25.00 per share, for a total transaction of $1,000,000.00. Following the completion of the purchase, the chairman directly owned 40,000 shares of the company’s stock, valued at $1,000,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link.

Innovative Industrial Properties Stock Up 3.3%

NYSE:IIPR opened at $53.15 on Friday. Innovative Industrial Properties, Inc. has a 52 week low of $44.58 and a 52 week high of $65.38. The stock’s fifty day moving average is $55.27 and its two-hundred day moving average is $56.91. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 7.05 and a beta of 1.37. The company has a quick ratio of 24.51, a current ratio of 24.51 and a debt-to-equity ratio of 0.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 7.73% and a net margin of 52.27%. Research 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 announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 14.3%. The ex-dividend date was Wednesday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 172.34%.

Wall Street Analyst Weigh In

Several research firms have weighed in on IIPR. Weiss Ratings downgraded Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. Piper Sandler reduced their price target on shares of Innovative Industrial Properties from $51.00 to $44.00 and set an “underweight” rating on the stock in a research report on Monday. Stifel Nicolaus assumed coverage on shares of Innovative Industrial Properties in a research report on Wednesday. They set a “buy” rating and a $56.25 price target on the stock. Finally, Huntington started coverage on shares of Innovative Industrial Properties in a research note on Friday, October 2nd. They issued an “outperform” rating and a $60.00 price objective for the company. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $51.31.

Hedge Funds Weigh In On Innovative Industrial Properties

Several institutional investors have recently modified their holdings of the business. PNC Financial Services Group Inc. boosted its holdings in Innovative Industrial Properties by 6.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,173 shares of the company’s stock valued at $159,000 after purchasing an additional 182 shares during the period. Focus Financial Network Inc. increased its holdings in Innovative Industrial Properties by 4.6% during the 3rd quarter. Focus Financial Network Inc. now owns 4,602 shares of the company’s stock worth $242,000 after purchasing an additional 204 shares during the period. PFG Investments LLC increased its holdings in Innovative Industrial Properties by 3.3% during the 1st quarter. PFG Investments LLC now owns 7,300 shares of the company’s stock worth $366,000 after purchasing an additional 231 shares during the period. Centaurus Financial Inc. increased its holdings in Innovative Industrial Properties by 1.9% during the 1st quarter. Centaurus Financial Inc. now owns 14,119 shares of the company’s stock worth $708,000 after purchasing an additional 259 shares during the period. Finally, Sigma Planning Corp raised its position in Innovative Industrial Properties by 3.4% in the 2nd quarter. Sigma Planning Corp now owns 10,232 shares of the company’s stock valued at $634,000 after purchasing an additional 340 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

About Innovative Industrial Properties

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.