Innovative Industrial Properties (NYSE:IIPR) Stock: Insider Alan Gold Purchases 40,000 Shares

Key Points

• Chairman Alan Gold purchased 40,000 IIPR shares at $25 each, investing $1 million and establishing a direct ownership stake of the same size.
• IIPR traded around $51.25, below its 50-day and 200-day moving averages, while its latest quarterly EPS of $1.36 exceeded estimates despite revenue falling short of forecasts.
• The company declared a quarterly dividend of $1.90, equivalent to $7.60 annually and a 14.8% yield; analysts maintain a consensus “Hold” rating with a $49.67 target price.

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) Chairman Alan Gold purchased 40,000 shares of the company's stock in a transaction that occurred on Thursday, October 8th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $1,000,000.00. Following the completion of the acquisition, the chairman directly owned 40,000 shares of the company's stock, valued at $1,000,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Innovative Industrial Properties Stock Performance

IIPR stock traded up $0.06 during midday trading on Tuesday, hitting $51.25. The company's stock had a trading volume of 95,890 shares, compared to its average volume of 350,437. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 11.61 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. The stock's 50-day moving average price is $55.69 and its 200 day moving average price is $56.91. Innovative Industrial Properties, Inc. has a 1 year low of $44.58 and a 1 year high of $65.38.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its earnings results on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.34. The firm had revenue of $63.31 million during the quarter, compared to analyst estimates of $67.09 million. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%. On average, equities analysts forecast that Innovative Industrial Properties, Inc. will post 7.05 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.8%. The ex-dividend date of this dividend is Wednesday, September 30th. Innovative Industrial Properties's payout ratio is 172.34%.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC increased its position in Innovative Industrial Properties by 26.3% in the third quarter. GAMMA Investing LLC now owns 1,833 shares of the company's stock worth $97,000 after buying an additional 382 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Innovative Industrial Properties by 153.3% in the third quarter. Farther Finance Advisors LLC now owns 2,764 shares of the company's stock valued at $146,000 after buying an additional 1,673 shares during the period. QRG Capital Management Inc. raised its stake in shares of Innovative Industrial Properties by 144.9% in the second quarter. QRG Capital Management Inc. now owns 10,229 shares of the company's stock valued at $634,000 after buying an additional 6,053 shares during the period. Integrated Wealth Concepts LLC bought a new stake in shares of Innovative Industrial Properties in the second quarter valued at $211,000. Finally, NewEdge Advisors LLC lifted its position in shares of Innovative Industrial Properties by 6.7% during the 2nd quarter. NewEdge Advisors LLC now owns 6,793 shares of the company's stock valued at $421,000 after buying an additional 424 shares during the last quarter. 70.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on IIPR. Piper Sandler decreased their price objective on shares of Innovative Industrial Properties from $51.00 to $44.00 and set an "underweight" rating for the company in a report on Monday. Huntington began coverage on shares of Innovative Industrial Properties in a research report on Friday, October 2nd. They issued an "outperform" rating and a $60.00 price objective on the stock. Finally, Weiss Ratings cut shares of Innovative Industrial Properties from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $49.67.

Innovative Industrial Properties Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.