Short Interest in Innovative Industrial Properties, Inc. (NYSE:IIPR) Expands By 20.1%

Innovative Industrial Properties, Inc. (NYSE:IIPR) saw a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 1,670,000 shares, an increase of 20.1% from the December 15th total of 1,390,000 shares. Based on an average daily trading volume, of 316,100 shares, the days-to-cover ratio is presently 5.3 days.

Institutional Trading of Innovative Industrial Properties

Several institutional investors and hedge funds have recently modified their holdings of the stock. USA Financial Formulas bought a new position in shares of Innovative Industrial Properties during the third quarter valued at about $25,000. Canton Hathaway LLC bought a new position in shares of Innovative Industrial Properties during the 3rd quarter worth approximately $55,000. Loomis Sayles & Co. L P boosted its stake in shares of Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after buying an additional 407 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Innovative Industrial Properties by 138.1% in the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after acquiring an additional 312 shares in the last quarter. Finally, US Bancorp DE increased its position in shares of Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after acquiring an additional 189 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IIPR has been the topic of a number of research analyst reports. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $125.00 to $78.00 in a report on Friday, December 20th. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Finally, Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $118.00 to $70.00 in a research note on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $104.50.

Innovative Industrial Properties Stock Up 1.9 %

Shares of NYSE IIPR traded up $1.27 during midday trading on Friday, hitting $68.21. 240,909 shares of the stock traded hands, compared to its average volume of 493,872. Innovative Industrial Properties has a one year low of $62.45 and a one year high of $138.35. The business has a 50 day moving average price of $89.65 and a two-hundred day moving average price of $112.23. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The company has a market cap of $1.93 billion, a PE ratio of 12.14 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The business 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 business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.29 EPS. On average, equities analysts predict that Innovative Industrial Properties will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 11.14%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

Innovative Industrial Properties Company Profile

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.