Innovative Industrial Properties (NYSE:IIPR) Reaches New 52-Week High at $116.32

Innovative Industrial Properties, Inc. (NYSE:IIPR) reached a new 52-week high during trading on Friday . The stock traded as high as $116.32 and last traded at $116.06, with a volume of 4853 shares trading hands. The stock had previously closed at $114.74.

Innovative Industrial Properties Price Performance

The company has a 50 day moving average price of $108.69 and a 200 day moving average price of $100.94. The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of 20.12 and a beta of 1.37. The company has a current ratio of 14.27, a quick ratio of 14.27 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, May 8th. The company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.74). The business had revenue of $75.45 million for the quarter, compared to the consensus estimate of $79.65 million. Innovative Industrial Properties had a return on equity of 8.46% and a net margin of 53.07%. As a group, equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.5 earnings per share for the current year.

Innovative Industrial Properties Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a dividend of $1.90 per share. The ex-dividend date is Thursday, June 27th. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $1.82. This represents a $7.60 annualized dividend and a yield of 6.46%. Innovative Industrial Properties’s payout ratio is currently 133.33%.

Institutional Trading of Innovative Industrial Properties

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC bought a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at about $26,000. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at about $30,000. FNY Investment Advisers LLC acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at about $40,000. Headinvest LLC acquired a new stake in shares of Innovative Industrial Properties in the third quarter valued at about $62,000. Finally, Independence Bank of Kentucky increased its position in Innovative Industrial Properties by 82.9% during the fourth quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock worth $65,000 after buying an additional 290 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.