Innovative Industrial Properties (NYSE:IIPR) Shares Down 5.6%

Innovative Industrial Properties Inc (NYSE:IIPR)’s share price dropped 5.6% during mid-day trading on Tuesday . The stock traded as low as $94.31 and last traded at $96.54, approximately 762,678 shares traded hands during mid-day trading. An increase of 42% from the average daily volume of 537,475 shares. The stock had previously closed at $102.29.

A number of analysts recently commented on the company. TheStreet upgraded Innovative Industrial Properties from a “c” rating to a “b” rating in a research report on Monday, December 2nd. Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “hold” rating to a “strong-buy” rating and set a $107.00 target price on the stock in a research report on Thursday, February 13th. Finally, ValuEngine downgraded shares of Innovative Industrial Properties from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $127.50.

The company’s fifty day moving average is $89.79 and its two-hundred day moving average is $85.79. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of 67.51 and a beta of 1.90. The company has a quick ratio of 295.73, a current ratio of 295.73 and a debt-to-equity ratio of 0.31.

In related news, Chairman Alan D. Gold acquired 1,625 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was acquired at an average price of $73.07 per share, for a total transaction of $118,738.75. Following the completion of the acquisition, the chairman now owns 323,894 shares of the company’s stock, valued at approximately $23,666,934.58. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Alan D. Gold acquired 370 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was bought at an average price of $74.21 per share, with a total value of $27,457.70. Following the acquisition, the chairman now directly owns 324,264 shares of the company’s stock, valued at approximately $24,063,631.44. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 4,495 shares of company stock worth $331,446. Insiders own 5.20% of the company’s stock.

Several institutional investors have recently bought and sold shares of IIPR. Mason Street Advisors LLC increased its position in shares of Innovative Industrial Properties by 7.6% in the 4th quarter. Mason Street Advisors LLC now owns 4,129 shares of the company’s stock valued at $313,000 after buying an additional 291 shares in the last quarter. Belpointe Asset Management LLC raised its stake in Innovative Industrial Properties by 54.0% during the 4th quarter. Belpointe Asset Management LLC now owns 2,843 shares of the company’s stock worth $216,000 after buying an additional 997 shares during the period. Ladenburg Thalmann Financial Services Inc. raised its stake in Innovative Industrial Properties by 51.7% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 50,253 shares of the company’s stock worth $3,814,000 after buying an additional 17,116 shares during the period. Cubist Systematic Strategies LLC raised its stake in Innovative Industrial Properties by 500.4% during the 4th quarter. Cubist Systematic Strategies LLC now owns 16,906 shares of the company’s stock worth $1,283,000 after buying an additional 14,090 shares during the period. Finally, UBS Asset Management Americas Inc. lifted its holdings in Innovative Industrial Properties by 7.7% during the fourth quarter. UBS Asset Management Americas Inc. now owns 36,847 shares of the company’s stock worth $2,796,000 after acquiring an additional 2,644 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

About Innovative Industrial Properties (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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