Innovative Industrial Properties, Inc. (NYSE:IIPR) Director David Stecher Sells 2,500 Shares

Innovative Industrial Properties, Inc. (NYSE:IIPR) Director David Stecher sold 2,500 shares of the stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $80.75, for a total transaction of $201,875.00. Following the transaction, the director now owns 7,529 shares of the company’s stock, valued at approximately $607,966.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock opened at $80.66 on Thursday. The firm has a market capitalization of $2.26 billion, a P/E ratio of 13.96 and a beta of 1.56. Innovative Industrial Properties, Inc. has a one year low of $63.36 and a one year high of $125.38. The company has a debt-to-equity ratio of 0.16, a current ratio of 11.66 and a quick ratio of 11.66. The business has a fifty day moving average price of $78.01 and a 200-day moving average price of $75.80.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were issued a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a yield of 8.93%. The ex-dividend date was Thursday, September 28th. Innovative Industrial Properties’s payout ratio is presently 124.57%.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new position in Innovative Industrial Properties during the fourth quarter valued at approximately $21,086,000. State Street Corp boosted its holdings in Innovative Industrial Properties by 14.8% in the 1st quarter. State Street Corp now owns 1,468,375 shares of the company’s stock valued at $304,124,000 after purchasing an additional 189,733 shares during the period. Vanguard Group Inc. boosted its holdings in Innovative Industrial Properties by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 3,989,218 shares of the company’s stock valued at $819,386,000 after purchasing an additional 179,840 shares during the period. BlackRock Inc. grew its position in shares of Innovative Industrial Properties by 2.1% during the 2nd quarter. BlackRock Inc. now owns 5,003,990 shares of the company’s stock valued at $365,341,000 after purchasing an additional 100,973 shares in the last quarter. Finally, American Assets Capital Advisers LLC bought a new position in shares of Innovative Industrial Properties in the third quarter worth $7,347,000. 69.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on IIPR shares. StockNews.com initiated coverage on shares of Innovative Industrial Properties in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Piper Sandler boosted their target price on Innovative Industrial Properties from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, November 6th. Finally, Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and set a $95.00 price target for the company. in a research note on Tuesday, September 5th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $109.75.

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.