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

Innovative Industrial Properties, Inc. (NYSE:IIPR) was the recipient of a significant drop in short interest during the month of January. As of January 31st, there was short interest totalling 1,320,000 shares, a drop of 9.6% from the January 15th total of 1,460,000 shares. Based on an average daily trading volume, of 364,100 shares, the short-interest ratio is presently 3.6 days.

Institutional Investors Weigh In On Innovative Industrial Properties

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Innovative Industrial Properties by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock valued at $294,798,000 after buying an additional 64,908 shares during the period. Pacer Advisors Inc. purchased a new position in shares of Innovative Industrial Properties in the 4th quarter valued at about $42,006,000. Wellington Management Group LLP raised its stake in shares of Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after buying an additional 185,855 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Innovative Industrial Properties by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock worth $30,958,000 after purchasing an additional 7,179 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Innovative Industrial Properties by 20.6% during the fourth quarter. Northern Trust Corp now owns 435,879 shares of the company’s stock worth $29,047,000 after purchasing an additional 74,342 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on IIPR shares. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price target for the company from $125.00 to $78.00 in a report on Friday, December 20th. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Piper Sandler cut shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $118.00 to $70.00 in a research report on Friday, December 20th. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Innovative Industrial Properties presently has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Stock Down 1.9 %

Shares of IIPR stock traded down $1.40 during trading hours on Monday, reaching $73.17. 166,436 shares of the company’s stock were exchanged, compared to its average volume of 280,641. 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 stock has a market cap of $2.07 billion, a PE ratio of 13.02 and a beta of 1.40. The stock’s fifty day moving average price is $75.38 and its two-hundred day moving average price is $105.75.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 10.39%. Innovative Industrial Properties’s dividend payout ratio is presently 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.