Innovative Industrial Properties Inc (NYSE:IIPR)’s share price rose 7.5% during mid-day trading on Friday . The company traded as high as $110.39 and last traded at $108.48. Approximately 512,156 shares changed hands during trading, an increase of 31% from the average daily volume of 392,095 shares. The stock had previously closed at $100.91.
IIPR has been the topic of a number of research reports. BTIG Research boosted their target price on shares of Innovative Industrial Properties to $101.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Zacks Investment Research raised shares of Innovative Industrial Properties from a “sell” rating to a “hold” rating in a report on Tuesday, June 4th. Finally, LADENBURG THALM/SH SH lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Wednesday, March 20th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $66.75.
The company has a debt-to-equity ratio of 0.52, a current ratio of 209.93 and a quick ratio of 209.93. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 80.96 and a beta of 1.58.
Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, March 13th. The company reported $0.24 EPS for the quarter. Innovative Industrial Properties had a return on equity of 4.97% and a net margin of 51.37%. The firm had revenue of $4.78 million during the quarter. Equities research analysts anticipate that Innovative Industrial Properties Inc will post 2.64 EPS for the current fiscal year.
In related news, VP Brian J. Wolfe sold 3,181 shares of the company’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $89.01, for a total value of $283,140.81. Following the completion of the transaction, the vice president now directly owns 14,955 shares in the company, valued at $1,331,144.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul E. Smithers sold 2,000 shares of the company’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $90.50, for a total value of $181,000.00. Following the completion of the transaction, the chief executive officer now owns 45,565 shares of the company’s stock, valued at $4,123,632.50. The disclosure for this sale can be found here. 5.20% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Mackenzie Financial Corp acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at $522,000. Essex Investment Management Co. LLC raised its stake in Innovative Industrial Properties by 33.8% during the fourth quarter. Essex Investment Management Co. LLC now owns 187,567 shares of the company’s stock worth $8,514,000 after acquiring an additional 47,370 shares in the last quarter. Strs Ohio raised its stake in Innovative Industrial Properties by 31.6% during the fourth quarter. Strs Ohio now owns 2,500 shares of the company’s stock worth $113,000 after acquiring an additional 600 shares in the last quarter. New York State Teachers Retirement System acquired a new position in Innovative Industrial Properties during the fourth quarter worth $27,000. Finally, Virtu Financial LLC acquired a new position in Innovative Industrial Properties during the first quarter worth $347,000. Institutional investors and hedge funds own 61.55% of the company’s stock.
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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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