Short Interest in Innovative Industrial Properties, Inc. (NYSE:IIPR) Drops By 6.6%

Innovative Industrial Properties, Inc. (NYSE:IIPR) was the recipient of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 1,410,000 shares, a drop of 6.6% from the November 15th total of 1,510,000 shares. Based on an average trading volume of 206,900 shares, the short-interest ratio is currently 6.8 days.

Innovative Industrial Properties Stock Performance

Shares of IIPR opened at $101.27 on Wednesday. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average price of $117.44 and a 200-day moving average price of $118.44. The company has a market cap of $2.87 billion, a PE ratio of 18.00 and a beta of 1.30. Innovative Industrial Properties has a 12-month low of $87.52 and a 12-month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.29 earnings per share. As a group, equities analysts forecast that Innovative Industrial Properties will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 7.50%. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Piper Sandler decreased their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a report on Friday, November 8th. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday. Finally, Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $128.25.

Institutional Investors Weigh In On Innovative Industrial Properties

Hedge funds have recently added to or reduced their stakes in the company. USA Financial Formulas bought a new position in shares of Innovative Industrial Properties during the 3rd quarter valued at about $25,000. Canton Hathaway LLC bought a new position in Innovative Industrial Properties during the third quarter valued at approximately $55,000. Loomis Sayles & Co. L P raised its stake in shares of Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after acquiring an additional 407 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after acquiring an additional 189 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Innovative Industrial Properties by 2,085.7% in the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after purchasing an additional 438 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated 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.