Innovative Industrial Properties, Inc. (NYSE:IIPR) Short Interest Up 7.2% in August

Innovative Industrial Properties, Inc. (NYSE:IIPR) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 1,780,000 shares, an increase of 7.2% from the August 15th total of 1,660,000 shares. Based on an average trading volume of 167,900 shares, the days-to-cover ratio is presently 10.6 days.

Innovative Industrial Properties Trading Up 2.8 %

Shares of IIPR stock opened at $132.83 on Tuesday. The stock has a fifty day simple moving average of $120.34 and a two-hundred day simple moving average of $109.77. Innovative Industrial Properties has a 52-week low of $69.08 and a 52-week high of $132.91. The firm has a market capitalization of $3.76 billion, a PE ratio of 23.30 and a beta of 1.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The business had revenue of $79.79 million for the quarter, compared to analysts’ expectations of $77.18 million. During the same quarter in the prior year, the business posted $2.26 EPS. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, analysts predict that Innovative Industrial Properties will post 8.41 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 5.72%. Innovative Industrial Properties’s dividend payout ratio is 133.33%.

Institutional Trading of Innovative Industrial Properties

Institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. grew its holdings in Innovative Industrial Properties by 2,085.7% during the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after buying an additional 438 shares in the last quarter. Signaturefd LLC increased its position in Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares during the period. GAMMA Investing LLC increased its holdings in Innovative Industrial Properties by 84.9% during the first quarter. GAMMA Investing LLC now owns 525 shares of the company’s stock valued at $54,000 after buying an additional 241 shares during the period. Federated Hermes Inc. raised its position in shares of Innovative Industrial Properties by 138.1% in the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after acquiring an additional 312 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. lifted its position in Innovative Industrial Properties by 251.0% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 723 shares of the company’s stock valued at $73,000 after acquiring an additional 517 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Roth Mkm upped their price target on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Piper Sandler boosted their price objective on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, August 9th.

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.