Innovative Industrial Properties, Inc. (NYSE:IIPR) Short Interest Down 6.6% in November

Innovative Industrial Properties, Inc. (NYSE:IIPR) was the target of a significant decline in short interest in the month of November. As of November 30th, there was short interest totalling 1,410,000 shares, a decline of 6.6% from the November 15th total of 1,510,000 shares. Based on an average daily volume of 206,900 shares, the short-interest ratio is currently 6.8 days.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Piper Sandler lowered their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a research report on Friday, November 8th. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday. Finally, Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. 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 company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $127.67.

Hedge Funds Weigh In On Innovative Industrial Properties

Several hedge funds have recently added to or reduced their stakes in IIPR. Wellington Management Group LLP lifted its stake in Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after buying an additional 185,855 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Innovative Industrial Properties by 1,054.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company’s stock worth $8,354,000 after acquiring an additional 56,689 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after acquiring an additional 45,779 shares in the last quarter. Jupiter Asset Management Ltd. increased its holdings in shares of Innovative Industrial Properties by 279.1% in the second quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock worth $5,171,000 after acquiring an additional 34,854 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Innovative Industrial Properties by 187.5% in the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after acquiring an additional 31,295 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 2.4 %

Shares of IIPR traded down $2.55 during trading hours on Monday, hitting $102.17. 222,214 shares of the stock traded hands, compared to its average volume of 202,654. 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 market capitalization of $2.89 billion, a PE ratio of 18.18 and a beta of 1.30. The business has a fifty day moving average of $117.44 and a 200-day moving average of $118.44.

Innovative Industrial Properties (NYSE:IIPR) last issued 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). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. During the same period last year, the company earned $2.29 EPS. The company’s revenue was down 1.7% compared to the same quarter last year. Analysts expect that Innovative Industrial Properties will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

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