Innovative Industrial Properties (NYSE:IIPR) Share Price Breaks Below 200-Day Moving Average – Here’s What Happened

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) passed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $55.21 and traded as low as $54.13. Innovative Industrial Properties shares last traded at $55.0870, with a volume of 199,841 shares traded.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Alliance Global Partners raised shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research report on Monday. Stifel Nicolaus initiated coverage on shares of Innovative Industrial Properties in a research note on Wednesday, October 14th. They set a “buy” rating and a $56.25 price target for the company. Huntington initiated coverage on shares of Innovative Industrial Properties in a report on Friday, October 2nd. They issued an “outperform” rating and a $60.00 price target on the stock. Weiss Ratings cut shares of Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Finally, Zacks Research upgraded Innovative Industrial Properties from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 6th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.25.

Innovative Industrial Properties Trading Down 0.8%

The firm has a fifty day moving average of $54.20 and a two-hundred day moving average of $55.21. The company has a market cap of $1.52 billion, a PE ratio of 12.44 and a beta of 1.33. The company has a current ratio of 10.66, a quick ratio of 10.66 and a debt-to-equity ratio of 0.41.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, November 2nd. The company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.09. The business had revenue of $64.92 million for the quarter, compared to analysts’ expectations of $61.03 million. Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 53.20%. As a group, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 6.88 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a $1.90 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 13.8%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 171.56%.

Insider Transactions at Innovative Industrial Properties

In other news, Director Scott Shoemaker sold 611 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total value of $34,435.96. Following the sale, the director owned 2,000 shares of the company’s stock, valued at $112,720. The trade was a 23.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Bruce Ives purchased 528 shares of the company’s stock in a transaction that occurred on Monday, August 31st. The shares were acquired at an average price of $56.70 per share, for a total transaction of $29,937.60. Following the completion of the purchase, the director directly owned 3,180 shares in the company, valued at $180,306. This represents a 19.91% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Innovative Industrial Properties

Several institutional investors have recently made changes to their positions in IIPR. Private Advisor Group LLC bought a new position in shares of Innovative Industrial Properties in the third quarter worth $344,000. Ieq Capital LLC raised its stake in shares of Innovative Industrial Properties by 30.4% during the 3rd quarter. Ieq Capital LLC now owns 4,700 shares of the company’s stock valued at $248,000 after purchasing an additional 1,096 shares during the period. Public Sector Pension Investment Board raised its stake in shares of Innovative Industrial Properties by 17.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 134,160 shares of the company’s stock valued at $6,913,000 after purchasing an additional 19,483 shares during the period. Global Retirement Partners LLC lifted its holdings in Innovative Industrial Properties by 844.0% during the 3rd quarter. Global Retirement Partners LLC now owns 1,737 shares of the company’s stock worth $92,000 after purchasing an additional 1,553 shares in the last quarter. Finally, HighTower Advisors LLC purchased a new stake in Innovative Industrial Properties during the 3rd quarter worth about $294,000. Hedge funds and other institutional investors 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 properties used by the regulated cannabis industry. The company acquires and owns specialized facilities, such as cultivation and processing sites, and leases them to state-licensed cannabis operators. IIPR commonly uses sale-leaseback transactions, in which an operator sells a property to the company and then leases it back. Its leases are generally structured so tenants are responsible for property expenses, including taxes, insurance and maintenance.