Short Interest in Innovative Industrial Properties, Inc. (NYSE:IIPR) Declines By 11.2%

by · The Cerbat Gem

Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Free Report) was the recipient of a large decrease in short interest in October. As of October 15th, there was short interest totalling 1,590,000 shares, a decrease of 11.2% from the September 30th total of 1,790,000 shares. Based on an average daily volume of 163,600 shares, the short-interest ratio is presently 9.7 days.

Institutional Trading of Innovative Industrial Properties

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Focused Wealth Management Inc grew its holdings in Innovative Industrial Properties by 2.4% during the 2nd quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock worth $432,000 after acquiring an additional 93 shares in the last quarter. Bristlecone Advisors LLC grew its stake in Innovative Industrial Properties by 0.8% in the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock worth $1,696,000 after purchasing an additional 103 shares in the last quarter. Cape Investment Advisory Inc. increased its holdings in Innovative Industrial Properties by 11.6% in the first quarter. Cape Investment Advisory Inc. now owns 1,098 shares of the company’s stock valued at $114,000 after buying an additional 114 shares during the last quarter. Baader Bank Aktiengesellschaft raised its stake in Innovative Industrial Properties by 2.1% during the second quarter. Baader Bank Aktiengesellschaft now owns 5,616 shares of the company’s stock valued at $611,000 after buying an additional 116 shares in the last quarter. Finally, Hancock Whitney Corp lifted its holdings in Innovative Industrial Properties by 2.4% during the 1st quarter. Hancock Whitney Corp now owns 5,227 shares of the company’s stock worth $541,000 after buying an additional 124 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Down 2.2 %

IIPR stock traded down $2.84 during trading on Thursday, reaching $129.03. The stock had a trading volume of 172,158 shares, compared to its average volume of 192,748. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15. The firm has a fifty day moving average price of $129.90 and a 200 day moving average price of $117.16. The company has a market capitalization of $3.66 billion, a P/E ratio of 22.90 and a beta of 1.35. Innovative Industrial Properties has a 1-year low of $69.62 and a 1-year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR – Get Free Report) last released 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 return on equity of 8.50% and a net margin of 52.73%. The business had revenue of $79.79 million during the quarter, compared to analyst estimates of $77.18 million. During the same quarter last year, the firm posted $2.26 EPS. The company’s revenue was up 4.4% compared to the same quarter last year. On average, equities analysts anticipate that Innovative Industrial Properties will post 8.47 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 5.89%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 133.33%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on IIPR shares. Roth Mkm boosted their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Piper Sandler raised their target price on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Finally, Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd.

Check Out Our Latest Stock Report on Innovative Industrial Properties

Innovative Industrial Properties Company Profile

(Get Free Report)

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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