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

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) saw a large 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 volume of 316,100 shares, the short-interest ratio is currently 5.3 days.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Innovative Industrial Properties

Hedge funds and other institutional investors have recently bought and sold shares of the company. Secure Asset Management LLC raised its position in Innovative Industrial Properties by 18.0% during the fourth quarter. Secure Asset Management LLC now owns 13,818 shares of the company's stock worth $921,000 after acquiring an additional 2,108 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Innovative Industrial Properties by 551.6% during the 4th quarter. SG Americas Securities LLC now owns 7,519 shares of the company's stock worth $501,000 after purchasing an additional 6,365 shares during the last quarter. TrueWealth Advisors LLC lifted its stake in Innovative Industrial Properties by 15.3% in the 4th quarter. TrueWealth Advisors LLC now owns 27,657 shares of the company's stock valued at $1,843,000 after buying an additional 3,672 shares in the last quarter. Empirical Asset Management LLC acquired a new stake in Innovative Industrial Properties during the 4th quarter valued at $4,794,000. Finally, CWA Asset Management Group LLC increased its position in Innovative Industrial Properties by 25.7% during the fourth quarter. CWA Asset Management Group LLC now owns 6,661 shares of the company's stock worth $444,000 after buying an additional 1,363 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock traded up $1.27 during midday trading on Monday, reaching $68.21. The company's stock had a trading volume of 240,909 shares, compared to its average volume of 493,872. The firm has a market capitalization of $1.93 billion, a PE ratio of 12.14 and a beta of 1.39. Innovative Industrial Properties has a fifty-two week low of $62.45 and a fifty-two week high of $138.35. The stock's 50 day simple moving average is $88.85 and its 200 day simple moving average is $111.97. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $77.30 million. During the same quarter last year, the business earned $2.29 EPS. The firm's revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research 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. Investors of record on Tuesday, December 31st were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.14%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties's dividend payout ratio is currently 135.23%.

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.