Innovative Industrial Properties, Inc. (NYSE:IIPR) Sees Significant Growth in Short Interest

Innovative Industrial Properties, Inc. (NYSE:IIPR) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totalling 1,790,000 shares, an increase of 26.1% from the September 15th total of 1,420,000 shares. Based on an average daily volume of 394,000 shares, the short-interest ratio is presently 4.5 days.

A number of equities research analysts have recently commented on IIPR shares. BTIG Research increased their target price on shares of Innovative Industrial Properties from $151.00 to $171.00 in a research report on Thursday, September 17th. Piper Sandler started coverage on shares of Innovative Industrial Properties in a research report on Tuesday, September 8th. They issued an “overweight” rating and a $150.00 target price for the company. JMP Securities increased their target price on shares of Innovative Industrial Properties from $120.00 to $140.00 in a research report on Monday, August 17th. LADENBURG THALM/SH SH increased their target price on shares of Innovative Industrial Properties from $83.50 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Finally, Roth Capital increased their target price on shares of Innovative Industrial Properties from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, September 18th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $132.13.

In other Innovative Industrial Properties news, VP Brian J. Wolfe sold 4,896 shares of the stock in a transaction on Monday, August 31st. The shares were sold at an average price of $124.66, for a total transaction of $610,335.36. Following the transaction, the vice president now directly owns 13,969 shares of the company’s stock, valued at $1,741,375.54. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Alan D. Gold sold 1,000 shares of the stock in a transaction on Monday, August 31st. The shares were sold at an average price of $30.67, for a total transaction of $30,670.00. Following the transaction, the chairman now directly owns 308,586 shares in the company, valued at $9,464,332.62. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,396 shares of company stock worth $2,837,355. Insiders own 2.90% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Ameritas Investment Company LLC acquired a new stake in shares of Innovative Industrial Properties during the first quarter valued at about $27,000. tru Independence LLC acquired a new stake in shares of Innovative Industrial Properties during the second quarter valued at about $29,000. Canton Hathaway LLC acquired a new stake in shares of Innovative Industrial Properties during the second quarter valued at about $33,000. Orion Portfolio Solutions LLC increased its position in shares of Innovative Industrial Properties by 1,319.1% during the second quarter. Orion Portfolio Solutions LLC now owns 667 shares of the company’s stock valued at $59,000 after acquiring an additional 620 shares during the last quarter. Finally, IFP Advisors Inc increased its position in shares of Innovative Industrial Properties by 331.2% during the second quarter. IFP Advisors Inc now owns 677 shares of the company’s stock valued at $62,000 after acquiring an additional 520 shares during the last quarter. Institutional investors and hedge funds own 74.72% of the company’s stock.

Innovative Industrial Properties stock traded down $1.74 during midday trading on Friday, hitting $129.51. 322,908 shares of the stock were exchanged, compared to its average volume of 475,212. Innovative Industrial Properties has a fifty-two week low of $40.21 and a fifty-two week high of $136.63. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 46.59 and a beta of 1.36. The stock’s 50-day simple moving average is $124.88 and its 200 day simple moving average is $98.43. The company has a current ratio of 115.43, a quick ratio of 115.43 and a debt-to-equity ratio of 0.14.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.73 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.22 by ($0.49). Innovative Industrial Properties had a return on equity of 6.01% and a net margin of 55.69%. The firm had revenue of $24.35 million for the quarter, compared to analyst estimates of $25.40 million. Equities analysts anticipate that Innovative Industrial Properties will post 4.66 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $1.17 per share. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.06. This represents a $4.68 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend was Tuesday, September 29th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 143.12%.

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 medical-use 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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