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

Innovative Industrial Properties, Inc. (NYSE:IIPR) was the target of unusually large options trading activity on Friday. Traders purchased 2,933 put options on the stock. This is an increase of 371% compared to the average daily volume of 623 put options.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $45.91 on Friday. The company’s fifty day moving average is $49.62 and its two-hundred day moving average is $51.73. Innovative Industrial Properties has a 52-week low of $44.58 and a 52-week high of $74.92. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.75 and a quick ratio of 2.75. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 10.88 and a beta of 1.47.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a $1.90 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 16.6%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 180.09%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on IIPR shares. Weiss Ratings cut shares of Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, January 28th. Piper Sandler boosted their price objective on Innovative Industrial Properties from $43.00 to $44.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 5th. Two equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Strong Sell” and a consensus target price of $52.75.

Insider Transactions at Innovative Industrial Properties

In other news, Chairman Alan D. Gold bought 2,600 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were acquired at an average cost of $49.09 per share, for a total transaction of $127,634.00. Following the purchase, the chairman owned 2,600 shares of the company’s stock, valued at $127,634. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.00% of the company’s stock.

Institutional Trading of Innovative Industrial Properties

A number of institutional investors and hedge funds have recently modified their holdings of IIPR. International Assets Investment Management LLC bought a new position in Innovative Industrial Properties in the fourth quarter worth $25,000. West Oak Capital LLC bought a new stake in Innovative Industrial Properties in the 3rd quarter valued at $27,000. FNY Investment Advisers LLC acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at $32,000. Advisory Services Network LLC acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at $34,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Innovative Industrial Properties during the 4th quarter worth about $35,000. 70.58% of the stock is currently owned by 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.