Innovative Industrial Properties, Inc. (NYSE:IIPR) Short Interest Update

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 presently 6.8 days.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds have recently made changes to their positions in the business. USA Financial Formulas bought a new stake in shares of Innovative Industrial Properties in the third quarter valued at $25,000. Blue Trust Inc. raised its stake in 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 acquiring an additional 438 shares during the period. Signaturefd LLC lifted its holdings in Innovative Industrial Properties by 42.3% during the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares during the last quarter. Canton Hathaway LLC bought a new position in Innovative Industrial Properties during the third quarter worth about $55,000. Finally, Loomis Sayles & Co. L P increased its stake in shares of Innovative Industrial Properties by 3,130.8% in the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after purchasing an additional 407 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $101.27 on Wednesday. The company has a fifty day moving average price of $117.44 and a 200-day moving average price of $118.44. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of 18.00 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. Innovative Industrial Properties has a 1 year low of $87.52 and a 1 year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted 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 net margin of 52.51% and a return on equity of 8.44%. The firm had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. During the same quarter last year, the business posted $2.29 EPS. The company’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, equities research analysts predict that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders 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 (DPR) is presently 135.23%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday. Alliance Global Partners initiated coverage on shares of Innovative Industrial Properties in a report on Tuesday. They set a “buy” rating and a $130.00 price objective on the stock. Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a research note on Friday, November 8th. Piper Sandler decreased their target price on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Finally, Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Innovative Industrial Properties has an average rating of “Moderate Buy” and an average price target of $128.25.

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.