Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Free Report) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 1,780,000 shares, a growth of 7.2% from the August 15th total of 1,660,000 shares. Based on an average trading volume of 167,900 shares, the short-interest ratio is presently 10.6 days.
Hedge Funds Weigh In On Innovative Industrial Properties
A number of hedge funds have recently modified their holdings of the company. Chesapeake Capital Corp IL bought a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at about $854,000. Pinebridge Investments L.P. bought a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at about $763,000. LSV Asset Management boosted its stake 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 valued at $10,496,000 after purchasing an additional 56,200 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake 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 valued at $38,205,000 after purchasing an additional 15,445 shares in the last quarter. Finally, Prevail Innovative Wealth Advisors LLC bought a new stake in shares of Innovative Industrial Properties during the 1st quarter valued at about $2,046,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.
Innovative Industrial Properties Trading Up 0.9 %
NYSE:IIPR traded up $1.16 during trading hours on Wednesday, reaching $134.80. The company’s stock had a trading volume of 170,036 shares, compared to its average volume of 200,459. The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of 23.65 and a beta of 1.35. The firm has a 50-day simple moving average of $120.86 and a 200-day simple moving average of $110.02. Innovative Industrial Properties has a 1 year low of $69.08 and a 1 year high of $137.47. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06.
Innovative Industrial Properties Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 5.64%. The ex-dividend date of this dividend is Monday, September 30th. Innovative Industrial Properties’s payout ratio is 133.33%.
Wall Street Analysts Forecast Growth
A number of research firms have recently issued reports on IIPR. Roth Mkm lifted their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Piper Sandler lifted their target price on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th.
Check Out Our Latest Analysis on Innovative Industrial Properties
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.
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