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

Innovative Industrial Properties, Inc. (NYSE:IIPR) was the recipient of a large decline in short interest during the month of August. As of August 15th, there was short interest totalling 1,660,000 shares, a decline of 10.3% from the July 31st total of 1,850,000 shares. Based on an average trading volume of 170,400 shares, the days-to-cover ratio is presently 9.7 days.

Innovative Industrial Properties Stock Down 0.9 %

Innovative Industrial Properties stock traded down $1.17 during mid-day trading on Tuesday, reaching $123.11. 11,613 shares of the company’s stock were exchanged, compared to its average volume of 202,446. The company has a fifty day moving average of $117.14 and a 200-day moving average of $107.51. The company has a market cap of $3.49 billion, a P/E ratio of 21.80 and a beta of 1.37. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties has a twelve month low of $69.08 and a twelve month high of $127.36.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The company had revenue of $79.79 million during the quarter, compared to analysts’ expectations of $77.18 million. During the same quarter last year, the business posted $2.26 earnings per share. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. Sell-side analysts expect that Innovative Industrial Properties will post 8.41 EPS for the current year.

Innovative Industrial Properties Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.17%. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Thursday, June 27th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 133.33%.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of institutional investors and hedge funds have recently bought and sold shares of IIPR. Los Angeles Capital Management LLC acquired a new stake in Innovative Industrial Properties in the fourth quarter valued at about $946,000. Chesapeake Capital Corp IL purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $854,000. Pinebridge Investments L.P. acquired a new position in Innovative Industrial Properties during the fourth quarter worth $763,000. LSV Asset Management raised its position in Innovative Industrial Properties by 124.4% in the first quarter. LSV Asset Management now owns 101,373 shares of the company’s stock worth $10,496,000 after acquiring an additional 56,200 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Innovative Industrial Properties by 4.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 378,945 shares of the company’s stock worth $38,205,000 after purchasing an additional 15,445 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on IIPR shares. Roth Mkm boosted their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Piper Sandler raised their price objective on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $118.33.

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.