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

Innovative Industrial Properties, Inc. (NYSE:IIPR) 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 (NYSE:IIPR) last released its quarterly earnings data on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $77.18 million. During the same quarter in the previous year, the firm posted $2.26 EPS. Innovative Industrial Properties’s revenue was up 4.4% compared to the same quarter last year. Research analysts expect that Innovative Industrial Properties will post 8.41 EPS for the current fiscal year.

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.

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.