Innovative Industrial Properties (NYSE:IIPR) Sets New 52-Week High at $139.18

Innovative Industrial Properties Inc (NYSE:IIPR)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $139.18 and last traded at $138.77, with a volume of 6459 shares. The stock had previously closed at $132.31.

A number of equities analysts recently commented on IIPR shares. LADENBURG THALM/SH SH downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Wednesday, March 20th. Zacks Investment Research downgraded shares of Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, June 26th. Finally, BTIG Research boosted their price objective on shares of Innovative Industrial Properties to $148.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $96.25.

The company has a 50-day simple moving average of $108.83. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 102.70 and a beta of 2.02. The company has a debt-to-equity ratio of 0.52, a current ratio of 209.93 and a quick ratio of 209.93.

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

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, June 27th. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $0.45. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.74%. Innovative Industrial Properties’s dividend payout ratio is presently 179.10%.

In other 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 transaction of $283,140.81. Following the transaction, the vice president now directly owns 14,955 shares of the company’s stock, valued at $1,331,144.55. The sale was disclosed in a legal filing with the SEC, 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 stock was sold at an average price of $90.50, for a total value of $181,000.00. Following the transaction, the chief executive officer now directly owns 45,565 shares in the company, valued at $4,123,632.50. The disclosure for this sale can be found here. Corporate insiders own 5.20% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Flagship Harbor Advisors LLC increased its position in shares of Innovative Industrial Properties by 4.7% in the 1st quarter. Flagship Harbor Advisors LLC now owns 3,706 shares of the company’s stock valued at $302,000 after acquiring an additional 165 shares during the period. Menta Capital LLC increased its position in shares of Innovative Industrial Properties by 1.5% in the 1st quarter. Menta Capital LLC now owns 13,409 shares of the company’s stock valued at $1,095,000 after acquiring an additional 200 shares during the period. Nomura Asset Management Co. Ltd. increased its position in shares of Innovative Industrial Properties by 3.4% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 6,100 shares of the company’s stock valued at $498,000 after acquiring an additional 200 shares during the period. Citigroup Inc. increased its position in shares of Innovative Industrial Properties by 9.7% in the 4th quarter. Citigroup Inc. now owns 2,302 shares of the company’s stock valued at $105,000 after acquiring an additional 204 shares during the period. Finally, Covenant Multifamily Offices LLC acquired a new position in shares of Innovative Industrial Properties in the 1st quarter valued at $25,000. 61.50% of the stock is currently owned by hedge funds and other institutional investors.

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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