Innovative Industrial Properties Sees Unusually High Options Volume (NYSE:IIPR)

Innovative Industrial Properties, Inc. (NYSE:IIPR) was the recipient of some unusual options trading on Friday. Investors purchased 2,933 put options on the company. This represents an increase of approximately 371% compared to the average daily volume of 623 put options.

Innovative Industrial Properties Stock Down 1.1%

IIPR traded down $0.52 during trading on Friday, hitting $45.84. The stock had a trading volume of 56,020 shares, compared to its average volume of 279,036. The stock has a 50 day simple moving average of $49.84 and a two-hundred day simple moving average of $51.77. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.75 and a current ratio of 2.75. Innovative Industrial Properties has a twelve month low of $44.58 and a twelve month high of $74.92. The company has a market capitalization of $1.28 billion, a PE ratio of 10.87 and a beta of 1.47.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 16.6%. The ex-dividend date was Wednesday, December 31st. Innovative Industrial Properties’s payout ratio is 180.09%.

Wall Street Analysts Forecast Growth

IIPR has been the topic of several research reports. Piper Sandler lifted their price objective on shares of Innovative Industrial Properties from $43.00 to $44.00 and gave the company an “underweight” rating in a report on Wednesday, November 5th. Weiss Ratings downgraded Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, January 28th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $68.20.

Insider Activity

In other news, Chairman Alan D. Gold acquired 2,600 shares of Innovative Industrial Properties stock in a transaction on Monday, November 24th. The shares were bought at an average cost of $49.09 per share, for a total transaction of $127,634.00. Following the acquisition, the chairman directly owned 2,600 shares of the company’s stock, valued at $127,634. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC purchased a new stake in shares of Innovative Industrial Properties during the fourth quarter worth about $25,000. West Oak Capital LLC acquired a new stake in Innovative Industrial Properties in the 3rd quarter worth approximately $27,000. FNY Investment Advisers LLC acquired a new stake in Innovative Industrial Properties in the 3rd quarter worth approximately $32,000. Advisory Services Network LLC purchased a new stake in Innovative Industrial Properties during the 3rd quarter worth approximately $34,000. Finally, Los Angeles Capital Management LLC purchased a new stake in Innovative Industrial Properties during the 4th quarter worth approximately $35,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

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.