Innovative Industrial Properties (NYSE:IIPR) Stock Price Crosses Below Two Hundred Day Moving Average – Should You Sell?

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s stock price passed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $55.21 and traded as low as $54.13. Innovative Industrial Properties shares last traded at $55.0870, with a volume of 199,841 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on IIPR shares. Stifel Nicolaus started coverage on shares of Innovative Industrial Properties in a research note on Wednesday, October 14th. They set a “buy” rating and a $56.25 price objective for the company. Zacks Research raised Innovative Industrial Properties from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 6th. Piper Sandler upped their target price on Innovative Industrial Properties from $44.00 to $46.00 and gave the stock an “underweight” rating in a report on Wednesday, November 4th. Huntington assumed coverage on Innovative Industrial Properties in a research note on Friday, October 2nd. They issued an “outperform” rating and a $60.00 price target for the company. Finally, Alliance Global Partners raised Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.25.

Innovative Industrial Properties Stock Down 3.6%

The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of 11.91 and a beta of 1.33. The firm’s 50 day moving average price is $54.09 and its two-hundred day moving average price is $55.26. The company has a current ratio of 10.66, a quick ratio of 10.66 and a debt-to-equity ratio of 0.41.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, November 2nd. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.09. The business had revenue of $64.92 million during the quarter, compared to the consensus estimate of $61.03 million. Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 53.20%. Sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 6.88 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 14.4%. The ex-dividend date of this dividend was Wednesday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 171.56%.

Insider Buying and Selling

In other Innovative Industrial Properties news, Director Scott Shoemaker sold 611 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total transaction of $34,435.96. Following the transaction, the director owned 2,000 shares in the company, valued at $112,720. This represents a 23.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Bruce Ives bought 528 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were bought at an average price of $56.70 per share, with a total value of $29,937.60. Following the completion of the transaction, the director owned 3,180 shares in the company, valued at approximately $180,306. This trade represents a 19.91% increase in their position. The disclosure for this purchase is available in the SEC filing. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Innovative Industrial Properties

Several hedge funds have recently bought and sold shares of IIPR. Nykredit A S acquired a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth approximately $25,000. Jacobi Capital Management LLC acquired a new position in Innovative Industrial Properties during the third quarter valued at approximately $25,000. Fortitude Family Office LLC bought a new stake in Innovative Industrial Properties during the third quarter worth $26,000. Heritage Family Offices LLP bought a new stake in Innovative Industrial Properties during the third quarter worth $28,000. Finally, Caitlin John LLC acquired a new stake in shares of Innovative Industrial Properties in the 2nd quarter valued at $36,000. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc. (NYSE: IIPR) is a real estate investment trust focused on properties used by the regulated cannabis industry. The company acquires and owns specialized facilities, such as cultivation and processing sites, and leases them to state-licensed cannabis operators. IIPR commonly uses sale-leaseback transactions, in which an operator sells a property to the company and then leases it back. Its leases are generally structured so tenants are responsible for property expenses, including taxes, insurance and maintenance.