Short Interest in Innovative Industrial Properties, Inc. (NYSE:IIPR) Drops By 9.6%

Innovative Industrial Properties, Inc. (NYSE:IIPR) was the recipient of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 1,320,000 shares, a drop of 9.6% from the January 15th total of 1,460,000 shares. Based on an average daily trading volume, of 364,100 shares, the short-interest ratio is currently 3.6 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IIPR. SG Americas Securities LLC bought a new position in Innovative Industrial Properties in the 3rd quarter worth approximately $155,000. Good Life Advisors LLC bought a new position in Innovative Industrial Properties in the 3rd quarter worth approximately $334,000. Blue Trust Inc. boosted its holdings in Innovative Industrial Properties by 177.3% in the 3rd quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock worth $171,000 after buying an additional 814 shares during the period. Everence Capital Management Inc. boosted its holdings in Innovative Industrial Properties by 11.0% in the 3rd quarter. Everence Capital Management Inc. now owns 2,720 shares of the company’s stock worth $366,000 after buying an additional 270 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Innovative Industrial Properties by 90.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,460 shares of the company’s stock worth $470,000 after buying an additional 1,648 shares during the period. 70.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Alliance Global Partners lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $118.00 to $70.00 in a research note on Friday, December 20th. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Finally, Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Innovative Industrial Properties currently has an average rating of “Hold” and a consensus price target of $104.50.

Innovative Industrial Properties Trading Down 1.9 %

Shares of IIPR stock opened at $73.17 on Tuesday. The company has a 50 day moving average of $74.70 and a 200-day moving average of $105.41. The firm has a market cap of $2.07 billion, a P/E ratio of 13.02 and a beta of 1.40. Innovative Industrial Properties has a 12-month low of $62.45 and a 12-month high of $138.35. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 10.39%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

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.