Scott Shoemaker Sells 611 Shares of Innovative Industrial Properties (NYSE:IIPR) Stock

Key Points

• Director Scott Shoemaker sold 611 IIPR shares for approximately $34,436 at an average price of $56.36, reducing his holdings by 23.4% to 2,000 shares.
• IIPR shares recently traded near $56.30, while the company reported quarterly EPS of $1.36, exceeding estimates, though revenue of $63.31 million fell short of expectations.
• The company declared a quarterly dividend of $1.90 per share, equivalent to a 13.5% annualized yield; however, its 172.34% payout ratio and an analyst consensus rating of “Reduce” indicate potential concerns about sustainability and valuation.

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) Director Scott Shoemaker sold 611 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total transaction of $34,435.96. Following the completion of the sale, the director owned 2,000 shares of the company's stock, valued at approximately $112,720. The trade was a 23.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Innovative Industrial Properties Price Performance

Shares of IIPR stock traded up $0.39 during trading hours on Thursday, reaching $56.30. The company had a trading volume of 250,317 shares, compared to its average volume of 337,118. The company has a debt-to-equity ratio of 0.35, a quick ratio of 24.51 and a current ratio of 24.51. The stock has a fifty day moving average of $58.89 and a 200-day moving average of $56.92. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 12.77 and a beta of 1.35. Innovative Industrial Properties, Inc. has a 12-month low of $44.58 and a 12-month high of $65.38.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $1.36 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.34. The firm had revenue of $63.31 million for the quarter, compared to the consensus estimate 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 anticipate that Innovative Industrial Properties, Inc. will post 7.05 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 13.5%. The ex-dividend date is Wednesday, September 30th. Innovative Industrial Properties's payout ratio is currently 172.34%.

Analyst Ratings Changes

Several research firms recently issued reports on IIPR. Weiss Ratings upgraded shares of Innovative Industrial Properties from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. Piper Sandler increased their price target on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the company an "underweight" rating in a research note on Tuesday, July 21st. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and an average target price of $48.00.

Hedge Funds Weigh In On Innovative Industrial Properties

Several large investors have recently modified their holdings of the business. Nykredit A S purchased a new stake in Innovative Industrial Properties in the 2nd quarter valued at about $25,000. Caitlin John LLC purchased a new position in Innovative Industrial Properties during the second quarter worth about $36,000. Triumph Capital Management boosted its stake in Innovative Industrial Properties by 112.9% during the second quarter. Triumph Capital Management now owns 905 shares of the company's stock worth $56,000 after buying an additional 480 shares during the period. Hantz Financial Services Inc. increased its position in shares of Innovative Industrial Properties by 51.0% during the fourth quarter. Hantz Financial Services Inc. now owns 1,336 shares of the company's stock valued at $63,000 after acquiring an additional 451 shares during the last quarter. Finally, Virtus Advisers LLC acquired a new stake in shares of Innovative Industrial Properties during the second quarter valued at about $137,000. Institutional investors and hedge funds own 70.58% of the company's stock.

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 that are used for cannabis cultivation and processing.

IIPR generally leases its properties to state-licensed cannabis operators through long-term, often triple-net lease agreements. Under these arrangements, tenants typically remain responsible for property-level expenses such as maintenance, insurance and taxes.

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