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

Innovative Industrial Properties, Inc. (NYSE:IIPR) was the recipient of 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 volume of 316,100 shares, the days-to-cover ratio is currently 5.3 days.

Innovative Industrial Properties Trading Up 1.9 %

IIPR traded up $1.27 on Friday, hitting $68.21. The company had a trading volume of 240,909 shares, compared to its average volume of 493,872. The business’s fifty day simple moving average is $89.65 and its 200 day simple moving average is $112.23. 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 has a 12-month low of $62.45 and a 12-month high of $138.35. The company has a market cap of $1.93 billion, a PE ratio of 12.14 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. During the same quarter last year, the firm posted $2.29 EPS. Innovative Industrial Properties’s revenue for the quarter was down 1.7% compared to the same quarter last year. Equities research analysts expect that Innovative Industrial Properties will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 11.14%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on IIPR shares. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their price target for the company from $118.00 to $70.00 in a report on Friday, December 20th. Finally, Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $104.50.

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.