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

Innovative Industrial Properties, Inc. (NYSE:IIPR) saw a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 1,670,000 shares, an increase 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 currently 5.3 days.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of institutional investors and hedge funds have recently made changes to their positions in IIPR. State of New Jersey Common Pension Fund D bought a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth $1,916,000. American Century Companies Inc. lifted its stake in Innovative Industrial Properties by 10.0% during the second quarter. American Century Companies Inc. now owns 15,554 shares of the company’s stock worth $1,699,000 after purchasing an additional 1,412 shares during the last quarter. Federated Hermes Inc. lifted its stake in Innovative Industrial Properties by 138.1% during the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after purchasing an additional 312 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Innovative Industrial Properties by 49.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 28,838 shares of the company’s stock worth $3,150,000 after purchasing an additional 9,558 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Innovative Industrial Properties by 16.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after purchasing an additional 45,779 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR traded up $1.27 during mid-day trading on Friday, hitting $68.21. The company had a trading volume of 240,909 shares, compared to its average volume of 493,872. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties has a 1 year low of $62.45 and a 1 year high of $138.35. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of 12.14 and a beta of 1.39. The stock’s 50-day moving average price is $89.65 and its 200-day moving average price is $112.23.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $77.30 million. During the same period in the previous year, the firm earned $2.29 EPS. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts forecast that Innovative Industrial Properties will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their target price for the company from $125.00 to $78.00 in a research note on Friday, December 20th. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Finally, Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $118.00 to $70.00 in a research note on Friday, December 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $104.50.

Innovative Industrial Properties Company Profile

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.