Short Interest in Innovative Industrial Properties, Inc. (NYSE:IIPR) Decreases By 9.6%

Innovative Industrial Properties, Inc. (NYSE:IIPR) saw a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 1,320,000 shares, a decline 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 days-to-cover ratio is presently 3.6 days.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $73.90 on Wednesday. Innovative Industrial Properties has a twelve month low of $62.45 and a twelve month high of $138.35. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The stock has a market cap of $2.09 billion, a P/E ratio of 13.15 and a beta of 1.40. The company’s 50-day simple moving average is $74.70 and its 200 day simple moving average is $105.41.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $1.90 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 10.28%. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

Hedge funds have recently modified their holdings of the stock. Bogart Wealth LLC bought a new stake in Innovative Industrial Properties in the fourth quarter valued at $27,000. Canton Hathaway LLC bought a new stake in shares of Innovative Industrial Properties in the 3rd quarter worth about $55,000. Loomis Sayles & Co. L P increased its position in shares of Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after purchasing an additional 407 shares in the last quarter. US Bancorp DE lifted its holdings in Innovative Industrial Properties by 75.3% during the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after purchasing an additional 189 shares during the last quarter. Finally, Compass Financial Services Inc acquired a new position in Innovative Industrial Properties in the fourth quarter valued at about $32,000. 70.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.