Short Interest in Innovative Industrial Properties, Inc. (NYSE:IIPR) Decreases By 9.6%

Innovative Industrial Properties, Inc. (NYSE:IIPR) saw a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 1,320,000 shares, a decline of 9.6% from the January 15th total of 1,460,000 shares. Based on an average daily trading volume, of 364,100 shares, the short-interest ratio is presently 3.6 days.

Analysts Set New Price Targets

A number of brokerages recently issued reports on IIPR. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $118.00 to $70.00 in a report on Friday, December 20th. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price target for the stock from $125.00 to $78.00 in a report on Friday, December 20th. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Alliance Global Partners lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Finally, JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Innovative Industrial Properties currently has an average rating of “Hold” and a consensus target price of $104.50.

Institutional Investors Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently modified their holdings of the company. Bogart Wealth LLC purchased a new position in Innovative Industrial Properties during the 4th quarter valued at about $27,000. Compass Financial Services Inc acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth about $32,000. Smartleaf Asset Management LLC lifted its position in shares of Innovative Industrial Properties by 182.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after purchasing an additional 417 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $50,000. Finally, Canton Hathaway LLC acquired a new position in shares of Innovative Industrial Properties in the third quarter valued at approximately $55,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 1.9 %

Shares of NYSE:IIPR traded down $1.40 during mid-day trading on Monday, reaching $73.17. 166,436 shares of the company were exchanged, compared to its average volume of 280,641. Innovative Industrial Properties has a 1 year low of $62.45 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The firm’s 50-day simple moving average is $75.38 and its 200 day simple moving average is $105.75. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 13.02 and a beta of 1.40.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $1.90 per share. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 10.39%. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

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.