Innovative Industrial Properties, Inc. (NYSE:IIPR) Sees Significant Increase in Short Interest

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

Innovative Industrial Properties Stock Down 1.9 %

Shares of IIPR traded down $1.39 on Friday, hitting $71.67. 405,217 shares of the stock traded hands, compared to its average volume of 260,005. Innovative Industrial Properties has a one year low of $62.45 and a one year high of $138.35. The company has a market capitalization of $2.03 billion, a PE ratio of 12.75 and a beta of 1.39. The business has a 50 day simple moving average of $82.42 and a 200 day simple moving average of $109.18. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. During the same quarter in the previous year, the business posted $2.29 earnings per share. Innovative Industrial Properties’s quarterly revenue was down 1.7% compared to the same quarter last year. 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 was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 10.60%. Innovative Industrial Properties’s payout ratio is 135.23%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on IIPR shares. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $118.00 to $70.00 in a research note on Friday, December 20th. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their target price for the company from $125.00 to $78.00 in a research note on Friday, December 20th. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Finally, Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and an average price target of $104.50.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently made changes to their positions in the business. USA Financial Formulas bought a new position in shares of Innovative Industrial Properties in the third quarter worth about $25,000. Bogart Wealth LLC purchased a new position in Innovative Industrial Properties during the fourth quarter valued at approximately $27,000. Compass Financial Services Inc bought a new position in shares of Innovative Industrial Properties in the fourth quarter worth approximately $32,000. Canton Hathaway LLC purchased a new stake in shares of Innovative Industrial Properties in the third quarter worth $55,000. Finally, Loomis Sayles & Co. L P raised its position in shares of Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after purchasing an additional 407 shares during the period. Hedge funds and other 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.