Innovative Industrial Properties (NYSE:IIPR) Shares Down 4.2% – Here’s Why

by · The Cerbat Gem

Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Free Report) shares were down 4.2% during trading on Friday . The stock traded as low as $54.10 and last traded at $53.9750. Approximately 162,541 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 323,587 shares. The stock had previously closed at $56.37.

Analyst Upgrades and Downgrades

IIPR has been the subject of several recent analyst reports. Piper Sandler upped their price objective on shares of Innovative Industrial Properties from $43.00 to $44.00 and gave the stock an “underweight” rating in a research note on Wednesday, November 5th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Innovative Industrial Properties in a report on Monday. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $68.20.

View Our Latest Report on IIPR

Innovative Industrial Properties Stock Down 5.7%

The company has a market cap of $1.49 billion, a price-to-earnings ratio of 12.61 and a beta of 1.50. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.75 and a current ratio of 2.75. The stock’s fifty day moving average is $51.52 and its two-hundred day moving average is $53.80.

Innovative Industrial Properties (NYSE:IIPR – Get Free Report) last issued its quarterly earnings data on Monday, November 3rd. The company reported $1.71 earnings per share for the quarter, missing the consensus estimate of $1.73 by ($0.02). Innovative Industrial Properties had a net margin of 45.80% and a return on equity of 6.77%. The company had revenue of $64.69 million for the quarter, compared to the consensus estimate of $63.72 million. During the same quarter last year, the business posted $2.25 earnings per share. Innovative Industrial Properties’s revenue was down 15.4% on a year-over-year basis. Sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 14.3%. The ex-dividend date of this dividend is Wednesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 180.09%.

Insider Activity

In related news, CFO David Jon Smith bought 600 shares of Innovative Industrial Properties stock in a transaction on Thursday, November 20th. The stock was acquired at an average price of $45.90 per share, with a total value of $27,540.00. Following the acquisition, the chief financial officer directly owned 600 shares of the company’s stock, valued at $27,540. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Alan D. Gold purchased 2,600 shares of the stock in a transaction dated Monday, November 24th. The stock was purchased at an average cost of $49.09 per share, for a total transaction of $127,634.00. Following the completion of the acquisition, the chairman owned 2,600 shares of the company’s stock, valued at approximately $127,634. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 4,200 shares of company stock worth $201,434. Insiders own 2.00% of the company’s stock.

Institutional Trading of Innovative Industrial Properties

Several institutional investors and hedge funds have recently modified their holdings of IIPR. Flaharty Asset Management LLC purchased a new stake in Innovative Industrial Properties during the first quarter valued at about $27,000. West Oak Capital LLC purchased a new stake in Innovative Industrial Properties during the 3rd quarter valued at about $27,000. AdvisorNet Financial Inc grew its position in Innovative Industrial Properties by 50.3% during the 2nd quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock worth $31,000 after acquiring an additional 187 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in Innovative Industrial Properties in the 3rd quarter worth approximately $32,000. Finally, Advisory Services Network LLC bought a new stake in Innovative Industrial Properties in the third quarter valued at approximately $34,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

(Get Free Report)

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.

Recommended Stories