Innovative Industrial Properties (NYSE:IIPR) Trading Down 8.4%

Innovative Industrial Properties Inc (NYSE:IIPR) shares traded down 8.4% on Friday . The company traded as low as $122.42 and last traded at $126.08, 2,981,758 shares were traded during mid-day trading. An increase of 576% from the average session volume of 441,252 shares. The stock had previously closed at $137.62.

A number of equities research analysts have weighed in on the stock. LADENBURG THALM/SH SH cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Wednesday, March 20th. BTIG Research upped their price objective on shares of Innovative Industrial Properties to $148.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Finally, Zacks Investment Research cut shares of Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, June 26th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. Innovative Industrial Properties presently has a consensus rating of “Buy” and an average price target of $96.25.

The company’s fifty day moving average is $109.57. The company has a debt-to-equity ratio of 0.52, a quick ratio of 209.93 and a current ratio of 209.93. The stock has a market cap of $1.24 billion, a PE ratio of 78.31 and a beta of 2.02.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.34 EPS for the quarter. Innovative Industrial Properties had a net margin of 51.37% and a return on equity of 4.97%. The firm had revenue of $6.82 million for the quarter. As a group, sell-side analysts predict that Innovative Industrial Properties Inc will post 2.64 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.60 per share. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.90%. Innovative Industrial Properties’s dividend payout ratio is presently 179.10%.

In related news, VP Brian J. Wolfe sold 3,181 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $89.01, for a total transaction of $283,140.81. Following the transaction, the vice president now owns 14,955 shares in the company, valued at $1,331,144.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Paul E. Smithers sold 2,000 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $90.50, for a total transaction of $181,000.00. Following the transaction, the chief executive officer now owns 45,565 shares in the company, valued at approximately $4,123,632.50. The disclosure for this sale can be found here. Corporate insiders own 5.20% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Covenant Multifamily Offices LLC bought a new position in Innovative Industrial Properties during the first quarter valued at approximately $25,000. CENTRAL TRUST Co bought a new position in Innovative Industrial Properties during the first quarter valued at approximately $41,000. RPG Investment Advisory LLC lifted its position in Innovative Industrial Properties by 700.0% during the first quarter. RPG Investment Advisory LLC now owns 600 shares of the company’s stock valued at $49,000 after purchasing an additional 525 shares during the period. Legal & General Group Plc lifted its position in Innovative Industrial Properties by 50.0% during the fourth quarter. Legal & General Group Plc now owns 1,440 shares of the company’s stock valued at $65,000 after purchasing an additional 480 shares during the period. Finally, Valeo Financial Advisors LLC lifted its position in Innovative Industrial Properties by 65.0% during the first quarter. Valeo Financial Advisors LLC now owns 825 shares of the company’s stock valued at $67,000 after purchasing an additional 325 shares during the period. Institutional investors own 61.50% of the company’s stock.

Innovative Industrial Properties Company Profile (NYSE:IIPR)

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial 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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