Traders Purchase High Volume of Put Options on Innovative Industrial Properties (NYSE:IIPR)

Innovative Industrial Properties, Inc. (NYSE:IIPR) was the target of some unusual options trading activity on Friday. Traders acquired 2,933 put options on the stock. This is an increase of approximately 371% compared to the typical volume of 623 put options.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Innovative Industrial Properties

In other news, Chairman Alan D. Gold purchased 2,600 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was acquired at an average price 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 approximately $127,634. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Innovative Industrial Properties

Several hedge funds and other institutional investors have recently made changes to their positions in IIPR. West Oak Capital LLC acquired a new position in shares of Innovative Industrial Properties during the third quarter worth about $27,000. International Assets Investment Management LLC purchased a new position in Innovative Industrial Properties in the fourth quarter worth approximately $25,000. FNY Investment Advisers LLC acquired a new position in Innovative Industrial Properties during the 3rd quarter worth approximately $32,000. Advisory Services Network LLC purchased a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at approximately $34,000. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock opened at $45.91 on Friday. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 0.19. Innovative Industrial Properties has a 52-week low of $44.58 and a 52-week high of $74.92. The firm has a market cap of $1.29 billion, a PE ratio of 10.88 and a beta of 1.47. The company’s 50 day moving average is $49.62 and its two-hundred day moving average is $51.73.

Innovative Industrial Properties Announces Dividend

The business 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 of this dividend was Wednesday, December 31st. Innovative Industrial Properties’s payout ratio is presently 180.09%.

Innovative Industrial Properties Company Profile

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.