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

Innovative Industrial Properties, Inc. (NYSE:IIPR) saw a significant growth in short interest in December. As of December 31st, there was short interest totalling 1,670,000 shares, a growth 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 short-interest ratio is currently 5.3 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on IIPR shares. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Piper Sandler lowered Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $118.00 to $70.00 in a research report on Friday, December 20th. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Finally, Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their target price for the company from $125.00 to $78.00 in a research report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Hold” and a consensus price target of $104.50.

Innovative Industrial Properties Stock Up 1.9 %

Shares of IIPR stock traded up $1.27 during mid-day trading on Friday, hitting $68.21. The stock had a trading volume of 240,909 shares, compared to its average volume of 493,872. Innovative Industrial Properties has a 12-month low of $62.45 and a 12-month high of $138.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The firm’s 50-day moving average is $89.65 and its two-hundred day moving average is $112.23. The firm has a market capitalization of $1.93 billion, a P/E ratio of 12.14 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). The business had revenue of $76.53 million during 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 prior year, the firm posted $2.29 EPS. On average, analysts predict 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 was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 11.14%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

Institutional Trading of Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently made changes to their positions in IIPR. Wellington Management Group LLP lifted its stake in Innovative Industrial Properties by 48.6% in the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after buying an additional 185,855 shares in the last quarter. Empirical Asset Management LLC acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $4,794,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Innovative Industrial Properties by 1,054.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company’s stock worth $8,354,000 after acquiring an additional 56,689 shares during the period. Dimensional Fund Advisors LP lifted its position in Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after buying an additional 45,779 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Innovative Industrial Properties by 17.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock valued at $31,928,000 after purchasing an additional 35,269 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.