Innovative Industrial Properties, Inc. (NYSE:IIPR) Short Interest Up 20.1% in December

Innovative Industrial Properties, Inc. (NYSE:IIPR) was the recipient of a significant growth in short interest during the month of 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 trading volume, of 316,100 shares, the days-to-cover ratio is presently 5.3 days.

Innovative Industrial Properties Stock Up 1.9 %

Shares of NYSE:IIPR traded up $1.27 during midday trading on Friday, reaching $68.21. The company had a trading volume of 240,909 shares, compared to its average volume of 493,872. The stock has a market capitalization of $1.93 billion, a P/E ratio of 12.14 and a beta of 1.39. Innovative Industrial Properties has a one year low of $62.45 and a one year high of $138.35. The stock’s fifty day moving average price is $89.65 and its 200-day moving average price is $112.23. 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 (NYSE:IIPR) last posted its earnings results 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 company had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same period last year, the company posted $2.29 earnings per share. The firm’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 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 11.14%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is currently 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bristlecone Advisors LLC boosted its position in Innovative Industrial Properties by 0.8% during the 3rd quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock worth $1,696,000 after acquiring an additional 103 shares during the period. Dynamic Advisor Solutions LLC boosted its holdings in shares of Innovative Industrial Properties by 3.2% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 5,490 shares of the company’s stock worth $739,000 after buying an additional 168 shares during the period. USA Financial Formulas acquired a new stake in shares of Innovative Industrial Properties in the third quarter valued at about $25,000. US Bancorp DE increased its position in Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after buying an additional 189 shares during the period. Finally, GAMMA Investing LLC increased its position in Innovative Industrial Properties by 46.3% during the third quarter. GAMMA Investing LLC now owns 632 shares of the company’s stock worth $85,000 after acquiring an additional 200 shares during the period. 70.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

IIPR has been the topic of a number of recent research reports. Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their target price for the company from $125.00 to $78.00 in a report on Friday, December 20th. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Finally, Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price 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.