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

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) saw unusually-strong trading volume on Wednesday . Approximately 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 Analysts Forecast Growth

Several analysts recently commented on IIPR shares. Piper Sandler upped their target price 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 upgraded Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Zacks Research cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Finally, Compass Point raised Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price target on the stock in a research note on Tuesday, March 3rd. Four investment 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, Innovative Industrial Properties has an average rating of “Reduce” and a consensus target price of $45.00.

Innovative Industrial Properties Price Performance

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 business has a 50-day moving average price of $54.67 and a two-hundred day moving average price of $52.06. The company has a market capitalization of $1.71 billion, a price-to-earnings ratio of 15.23 and a beta of 1.42.

Innovative Industrial Properties (NYSE:IIPR) last issued 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 previous year, the company earned $1.94 earnings per share. Innovative Industrial Properties’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, research analysts anticipate that Innovative Industrial Properties, Inc. will post 7.1 EPS for the current year.

Innovative Industrial Properties Announces Dividend

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

Institutional Investors Weigh In On Innovative Industrial Properties

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

Innovative Industrial Properties Company Profile

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.