Innovative Industrial Properties (NYSE:IIPR) Sees Unusually-High Trading Volume – Here’s What Happened

Innovative Industrial Properties, Inc. (NYSE:IIPR) shares saw strong trading volume on Wednesday . 1,509,073 shares changed hands during mid-day trading, an increase of 370% from the previous session’s volume of 321,177 shares.The stock last traded at $59.3650 and had previously closed at $60.34.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Piper Sandler raised their price target on Innovative Industrial Properties from $44.00 to $45.00 and gave the company an “underweight” rating in a report on Wednesday, February 25th. Weiss Ratings raised Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Zacks Research downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Finally, Compass Point upgraded shares of Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price objective for the company in a research report on Tuesday, March 3rd. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $45.00.

Innovative Industrial Properties Stock Down 1.3%

The company has a quick ratio of 6.06, a current ratio of 6.06 and a debt-to-equity ratio of 0.20. The company has a market cap of $1.71 billion, a price-to-earnings ratio of 15.23 and a beta of 1.42. The stock has a fifty day moving average price of $54.67 and a two-hundred day moving average price of $52.06.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, May 4th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.05). Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The firm had revenue of $69.00 million for the quarter, compared to analyst estimates of $65.65 million. During the same period in the prior year, the business posted $1.94 EPS. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. As a group, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 7.1 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 12.8%. The ex-dividend date of this dividend was Tuesday, March 31st. Innovative Industrial Properties’s payout ratio is 194.37%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. International Assets Investment Management LLC bought a new position in Innovative Industrial Properties in the fourth quarter valued at approximately $25,000. FNY Investment Advisers LLC bought a new stake in shares of Innovative Industrial Properties during the third quarter worth about $32,000. Advisory Services Network LLC bought a new stake in Innovative Industrial Properties in the third quarter valued at approximately $34,000. Los Angeles Capital Management LLC bought a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $35,000. Finally, Huntington National Bank boosted its holdings in Innovative Industrial Properties by 110.6% in the third quarter. Huntington National Bank now owns 697 shares of the company’s stock valued at $37,000 after acquiring an additional 366 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.