Short Interest in Innovative Industrial Properties, Inc. (NYSE:IIPR) Increases By 6.2%

Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) was the recipient of a large growth in short interest in February. As of February 28th, there was short interest totalling 2,760,000 shares, a growth of 6.2% from the February 13th total of 2,600,000 shares. Based on an average trading volume of 377,800 shares, the days-to-cover ratio is currently 7.3 days.

Institutional Investors Weigh In On Innovative Industrial Properties

Several hedge funds have recently modified their holdings of the stock. Heritage Wealth Management LLC acquired a new stake in Innovative Industrial Properties in the 2nd quarter valued at $25,000. CENTRAL TRUST Co boosted its stake in shares of Innovative Industrial Properties by 4,545.5% during the 4th quarter. CENTRAL TRUST Co now owns 511 shares of the company’s stock valued at $52,000 after buying an additional 500 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Innovative Industrial Properties by 63.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 682 shares of the company’s stock worth $69,000 after buying an additional 264 shares during the last quarter. Lazard Asset Management LLC raised its holdings in Innovative Industrial Properties by 112.9% in the first quarter. Lazard Asset Management LLC now owns 396 shares of the company’s stock valued at $81,000 after acquiring an additional 210 shares in the last quarter. Finally, IFP Advisors Inc boosted its stake in Innovative Industrial Properties by 44.2% during the 3rd quarter. IFP Advisors Inc now owns 2,042 shares of the company’s stock valued at $83,000 after acquiring an additional 626 shares during the last quarter. 73.71% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Price Performance

IIPR opened at $80.26 on Friday. The company’s 50 day simple moving average is $90.34 and its 200 day simple moving average is $98.24. The company has a debt-to-equity ratio of 0.15, a quick ratio of 27.14 and a current ratio of 27.14. Innovative Industrial Properties has a 1 year low of $78.61 and a 1 year high of $211.17. The stock has a market capitalization of $2.25 billion, a PE ratio of 14.54 and a beta of 1.60.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last released its earnings results on Monday, February 27th. The company reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.80 by ($0.34). Innovative Industrial Properties had a return on equity of 8.24% and a net margin of 55.86%. The company had revenue of $70.46 million during the quarter, compared to analyst estimates of $68.60 million. As a group, sell-side analysts expect that Innovative Industrial Properties will post 7.75 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Friday, March 31st will be given a $1.80 dividend. The ex-dividend date is Thursday, March 30th. This represents a $7.20 annualized dividend and a dividend yield of 8.97%. Innovative Industrial Properties’s dividend payout ratio is presently 130.43%.

Analyst Ratings Changes

IIPR has been the subject of several recent research reports. JMP Securities downgraded shares of Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a report on Friday, January 20th. StockNews.com initiated coverage on shares of Innovative Industrial Properties in a report on Thursday. They set a “hold” rating for the company. TheStreet downgraded shares of Innovative Industrial Properties from a “b-” rating to a “c+” rating in a report on Monday, February 27th. Craig Hallum lowered their price target on shares of Innovative Industrial Properties from $140.00 to $125.00 in a report on Wednesday, March 1st. Finally, BTIG Research lowered their price target on shares of Innovative Industrial Properties from $196.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, January 24th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $153.17.

About Innovative Industrial Properties

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Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington.

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