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

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) was the recipient of a large drop in short interest in 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 daily volume of 206,900 shares, the days-to-cover ratio is currently 6.8 days.

Institutional Investors Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. USA Financial Formulas acquired a new stake in Innovative Industrial Properties in the 3rd quarter worth approximately $25,000. Blue Trust Inc. increased its position in Innovative Industrial Properties by 2,085.7% in the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company's stock worth $48,000 after buying an additional 438 shares during the period. Signaturefd LLC increased its position in Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company's stock worth $55,000 after buying an additional 150 shares during the period. Canton Hathaway LLC bought a new position in Innovative Industrial Properties in the 3rd quarter worth approximately $55,000. Finally, Loomis Sayles & Co. L P increased its position in shares of Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company's stock valued at $57,000 after purchasing an additional 407 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Down 2.4 %

NYSE:IIPR traded down $2.55 on Monday, hitting $102.17. 222,214 shares of the company's stock traded hands, compared to its average volume of 202,654. The company has a market cap of $2.89 billion, a PE ratio of 18.18 and a beta of 1.30. 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 $87.52 and a 1 year high of $138.35. The firm has a 50-day moving average price of $117.44 and a 200-day moving average price of $118.44.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The firm had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.29 earnings per share. Equities analysts anticipate that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $1.90 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 7.44%. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 135.23%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on IIPR. JMP Securities reissued a "market perform" rating on shares of Innovative Industrial Properties in a research note on Monday. Wolfe Research raised Innovative Industrial Properties to a "hold" rating in a research note on Monday, September 23rd. Compass Point raised Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 price target on the stock in a research note on Friday, November 8th. Roth Capital raised Innovative Industrial Properties to a "strong-buy" rating in a research note on Monday, November 11th. Finally, Piper Sandler dropped their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating on the stock in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $127.67.

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.

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