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

Innovative Industrial Properties, Inc. (NYSE:IIPR) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 1,780,000 shares, an increase of 7.2% from the August 15th total of 1,660,000 shares. Based on an average daily volume of 167,900 shares, the short-interest ratio is presently 10.6 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on IIPR shares. Piper Sandler raised their price target on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. Roth Mkm raised their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 22nd.

Innovative Industrial Properties Stock Performance

IIPR traded up $1.16 on Wednesday, hitting $134.80. The company’s stock had a trading volume of 170,036 shares, compared to its average volume of 200,459. The company’s 50 day simple moving average is $120.86 and its 200-day simple moving average is $110.02. The firm has a market cap of $3.82 billion, a P/E ratio of 23.65 and a beta of 1.35. Innovative Industrial Properties has a 12 month low of $69.08 and a 12 month high of $137.47. 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 (NYSE:IIPR) last announced its quarterly earnings results on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $79.79 million during the quarter, compared to the consensus estimate of $77.18 million. During the same period in the previous year, the business earned $2.26 earnings per share. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. Analysts forecast that Innovative Industrial Properties will post 8.41 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 5.64%. The ex-dividend date is Monday, September 30th. Innovative Industrial Properties’s payout ratio is 133.33%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IIPR. Norges Bank bought a new position in Innovative Industrial Properties in the 4th quarter valued at $31,116,000. Tidal Investments LLC lifted its holdings in shares of Innovative Industrial Properties by 1,465.1% during the 1st quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock worth $24,532,000 after acquiring an additional 221,791 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Innovative Industrial Properties by 57.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 202,637 shares of the company’s stock worth $20,430,000 after acquiring an additional 74,289 shares during the last quarter. LSV Asset Management lifted its holdings in shares of Innovative Industrial Properties by 124.4% during the 1st 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 during the last quarter. Finally, Jupiter Asset Management Ltd. lifted its holdings in shares of Innovative Industrial Properties by 279.1% during the 2nd 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 during the last quarter. 70.58% of the stock is owned by institutional investors.

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.