Insider Selling: Innovative Industrial Properties, Inc. (NYSE:IIPR) Director Sells 7,599 Shares of Stock

Innovative Industrial Properties, Inc. (NYSE:IIPR) Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the transaction, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Innovative Industrial Properties Stock Performance

IIPR stock traded up $1.08 during mid-day trading on Wednesday, reaching $72.13. The company had a trading volume of 307,767 shares, compared to its average volume of 232,500. The stock has a market capitalization of $2.04 billion, a P/E ratio of 13.04 and a beta of 1.49. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a one year low of $62.45 and a one year high of $138.35. The stock’s 50-day simple moving average is $70.06 and its two-hundred day simple moving average is $102.07.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.22. The firm had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. Research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 10.54%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is currently 137.43%.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Innovative Industrial Properties in the fourth quarter valued at about $1,820,000. Montchanin Asset Management LLC increased its holdings in Innovative Industrial Properties by 39.8% in the fourth quarter. Montchanin Asset Management LLC now owns 10,530 shares of the company’s stock valued at $702,000 after purchasing an additional 3,000 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in Innovative Industrial Properties in the fourth quarter valued at about $34,000. Sunbelt Securities Inc. increased its holdings in Innovative Industrial Properties by 4.2% in the fourth quarter. Sunbelt Securities Inc. now owns 14,854 shares of the company’s stock valued at $1,000,000 after purchasing an additional 604 shares during the last quarter. Finally, Voloridge Investment Management LLC increased its holdings in shares of Innovative Industrial Properties by 2,683.2% in the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock worth $6,497,000 after acquiring an additional 93,991 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Wall Street Analyst Weigh In

IIPR has been the subject of several analyst reports. Piper Sandler cut shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $118.00 to $70.00 in a research note on Friday, December 20th. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Finally, Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their target price for the company from $125.00 to $78.00 in a report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $102.00.

About Innovative Industrial Properties

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.