Short Interest in Innovative Industrial Properties, Inc. (NYSE:IIPR) Decreases By 25.3%

Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) was the recipient of a large drop in short interest in April. As of April 15th, there was short interest totalling 1,150,000 shares, a drop of 25.3% from the March 31st total of 1,540,000 shares. Based on an average daily trading volume, of 287,800 shares, the days-to-cover ratio is currently 4.0 days.

IIPR opened at $144.59 on Monday. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of 31.71 and a beta of 1.63. The company has a fifty day moving average of $184.28 and a 200 day moving average of $218.51. Innovative Industrial Properties has a fifty-two week low of $144.50 and a fifty-two week high of $288.02. The company has a debt-to-equity ratio of 0.20, a quick ratio of 52.60 and a current ratio of 52.60.

Innovative Industrial Properties (NYSE:IIPR – Get Rating) last issued its quarterly earnings data on Wednesday, February 23rd. The company reported $1.14 EPS for the quarter. Innovative Industrial Properties had a net margin of 55.73% and a return on equity of 7.48%. The business had revenue of $58.94 million during the quarter, compared to analysts’ expectations of $57.92 million. During the same period last year, the company posted $1.29 EPS. The business’s revenue was up 58.9% on a year-over-year basis. On average, equities research analysts forecast that Innovative Industrial Properties will post 8.03 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 14th. Shareholders of record on Thursday, March 31st were paid a $1.75 dividend. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.50. This represents a $7.00 dividend on an annualized basis and a dividend yield of 4.84%. The ex-dividend date of this dividend was Wednesday, March 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 153.51%.

Several brokerages recently issued reports on IIPR. Piper Sandler cut their target price on shares of Innovative Industrial Properties from $290.00 to $285.00 in a research report on Friday, January 14th. BTIG Research reiterated a “buy” rating and issued a $290.00 price target on shares of Innovative Industrial Properties in a research report on Friday, April 1st. Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “sell” rating to a “hold” rating in a research report on Monday, April 25th. Finally, StockNews.com assumed coverage on shares of Innovative Industrial Properties in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Innovative Industrial Properties has an average rating of “Buy” and an average price target of $266.43.

In other news, Director Gary A. Kreitzer sold 2,200 shares of Innovative Industrial Properties stock in a transaction dated Thursday, March 10th. The shares were sold at an average price of $31.52, for a total transaction of $69,344.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gary A. Kreitzer sold 1,104 shares of the business’s stock in a transaction dated Monday, March 14th. The stock was sold at an average price of $31.05, for a total transaction of $34,279.20. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.

Several large investors have recently modified their holdings of the business. Covestor Ltd bought a new stake in shares of Innovative Industrial Properties in the 4th quarter worth about $25,000. Level Financial Advisors Inc. purchased a new position in shares of Innovative Industrial Properties in the 4th quarter worth approximately $33,000. Wagner Wealth Management LLC purchased a new position in shares of Innovative Industrial Properties in the 3rd quarter worth approximately $33,000. Cornerstone Advisory LLC purchased a new stake in Innovative Industrial Properties during the 4th quarter worth approximately $35,000. Finally, Paragon Capital Management Ltd acquired a new stake in Innovative Industrial Properties during the 4th quarter valued at approximately $39,000. 66.91% of the stock is owned by institutional investors and hedge funds.

About Innovative Industrial Properties (Get Rating)

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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