Innovative Industrial Properties, Inc. (NYSE:IIPR) Chairman Alan D. Gold sold 1,161 shares of the firm's stock in a transaction that occurred on Tuesday, June 15th. The stock was sold at an average price of $34.01, for a total value of $39,485.61. Following the transaction, the chairman now owns 37,685 shares of the company's stock, valued at approximately $1,281,666.85. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.
Shares of Innovative Industrial Properties stock traded up $0.51 during trading on Wednesday, reaching $189.76. 157,512 shares of the company were exchanged, compared to its average volume of 349,283. The company has a quick ratio of 280.52, a current ratio of 280.52 and a debt-to-equity ratio of 0.09. Innovative Industrial Properties, Inc. has a twelve month low of $85.40 and a twelve month high of $222.08. The business's 50-day simple moving average is $181.27. The stock has a market cap of $4.54 billion, a price-to-earnings ratio of 53.31 and a beta of 1.44.
Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, May 5th. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $0.97 by $0.08. Innovative Industrial Properties had a return on equity of 6.11% and a net margin of 57.54%. On average, analysts expect that Innovative Industrial Properties, Inc. will post 6.59 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 15th. Shareholders of record on Wednesday, June 30th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.95%. This is a boost from Innovative Industrial Properties's previous quarterly dividend of $1.32. The ex-dividend date is Tuesday, June 29th. Innovative Industrial Properties's payout ratio is presently 105.60%.
A number of large investors have recently bought and sold shares of IIPR. Total Clarity Wealth Management Inc. acquired a new position in Innovative Industrial Properties in the first quarter valued at about $30,000. Inspire Advisors LLC acquired a new position in Innovative Industrial Properties in the fourth quarter valued at about $32,000. Cordasco Financial Network acquired a new position in Innovative Industrial Properties in the first quarter valued at about $36,000. Rockbridge Investment Management LCC acquired a new position in Innovative Industrial Properties in the first quarter valued at about $37,000. Finally, Ameritas Investment Company LLC acquired a new position in Innovative Industrial Properties in the first quarter valued at about $38,000. 76.40% of the stock is owned by hedge funds and other institutional investors.
Separately, Zacks Investment Research upgraded Innovative Industrial Properties from a "strong sell" rating to a "hold" rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of "Buy" and an average price target of $188.63.
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 medical-use 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.
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