Alan D. Gold Sells 566 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) Stock

Innovative Industrial Properties, Inc. (NYSE:IIPR) Chairman Alan D. Gold sold 566 shares of Innovative Industrial Properties stock in a transaction on Tuesday, June 8th. The stock was sold at an average price of $35.80, for a total value of $20,262.80. Following the completion of the transaction, the chairman now owns 42,011 shares in the company, valued at $1,503,993.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

IIPR stock opened at $191.26 on Friday. Innovative Industrial Properties, Inc. has a 1-year low of $85.40 and a 1-year high of $222.08. The company has a market cap of $4.58 billion, a price-to-earnings ratio of 53.88 and a beta of 1.44. The firm has a 50 day moving average of $181.20. The company has a debt-to-equity ratio of 0.09, a quick ratio of 280.52 and a current ratio of 280.52.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, May 5th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate 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, research analysts expect that Innovative Industrial Properties, Inc. will post 6.59 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 15th. Stockholders of record on Wednesday, March 31st were paid a $1.32 dividend. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $1.24. This represents a $5.28 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend was Tuesday, March 30th. Innovative Industrial Properties’s dividend payout ratio is currently 105.60%.

Separately, Zacks Investment Research cut Innovative Industrial Properties from a “hold” rating to a “sell” rating in a report on Tuesday, March 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. Innovative Industrial Properties currently has a consensus rating of “Buy” and a consensus target price of $188.63.

Several hedge funds have recently added to or reduced their stakes in the company. Cresset Asset Management LLC grew its stake in shares of Innovative Industrial Properties by 1.0% in the 4th quarter. Cresset Asset Management LLC now owns 5,664 shares of the company’s stock valued at $1,044,000 after purchasing an additional 54 shares during the period. Texas Permanent School Fund grew its position in Innovative Industrial Properties by 0.4% during the 1st quarter. Texas Permanent School Fund now owns 17,875 shares of the company’s stock worth $3,220,000 after acquiring an additional 70 shares during the last quarter. IndexIQ Advisors LLC grew its position in Innovative Industrial Properties by 1.0% during the 4th quarter. IndexIQ Advisors LLC now owns 7,923 shares of the company’s stock worth $1,451,000 after acquiring an additional 75 shares during the last quarter. Amalgamated Bank grew its position in Innovative Industrial Properties by 3.0% during the 4th quarter. Amalgamated Bank now owns 2,697 shares of the company’s stock worth $494,000 after acquiring an additional 78 shares during the last quarter. Finally, Knuff & Co LLC grew its position in Innovative Industrial Properties by 12.0% during the 1st quarter. Knuff & Co LLC now owns 796 shares of the company’s stock worth $143,000 after acquiring an additional 85 shares during the last quarter. Institutional investors own 76.40% of the company’s stock.

Innovative Industrial Properties Company Profile

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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