Innovative Industrial Properties (NYSE:IIPR) issued its quarterly earnings data on Friday. The company reported $0.17 earnings per share (EPS) for the quarter, reports. Innovative Industrial Properties had a net margin of 14.26% and a return on equity of 1.42%. The firm had revenue of $3.31 million during the quarter.
Innovative Industrial Properties stock traded up $1.60 during mid-day trading on Friday, hitting $35.19. The stock had a trading volume of 142,588 shares, compared to its average volume of 84,619. The company has a market capitalization of $227.93 million, a P/E ratio of 52.52 and a beta of -1.24. Innovative Industrial Properties has a one year low of $16.35 and a one year high of $39.75.
The company also recently announced a quarterly dividend, which was paid on Monday, July 16th. Investors of record on Friday, June 29th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend was Thursday, June 28th. Innovative Industrial Properties’s dividend payout ratio is currently 149.25%.
IIPR has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Innovative Industrial Properties from a “hold” rating to a “strong-buy” rating and set a $38.00 price objective for the company in a research report on Wednesday, April 18th. ValuEngine raised shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd.
In related news, VP Brian J. Wolfe sold 6,013 shares of the company’s stock in a transaction on Wednesday, June 6th. The shares were sold at an average price of $37.34, for a total value of $224,525.42. Following the completion of the transaction, the vice president now owns 12,502 shares of the company’s stock, valued at approximately $466,824.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders purchased a total of 400 shares of company stock valued at $14,612 in the last ninety days. 6.20% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the stock. Brinker Capital Inc. bought a new position in Innovative Industrial Properties in the 1st quarter worth $301,000. Barclays PLC bought a new position in Innovative Industrial Properties in the 1st quarter worth $262,000. Macquarie Group Ltd. bought a new position in Innovative Industrial Properties in the 4th quarter worth $174,000. Tibra Equities Europe Ltd bought a new position in Innovative Industrial Properties in the 1st quarter worth $377,000. Finally, Jane Street Group LLC bought a new position in shares of Innovative Industrial Properties during the 1st quarter valued at about $273,000. 47.37% of the stock is owned by institutional investors.
Innovative Industrial Properties Company Profile
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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