Innovative Industrial Properties, Inc. (NYSE:IIPR) Short Interest Update

Innovative Industrial Properties, Inc. (NYSE:IIPR) was the target of a large growth in short interest in December. As of December 31st, there was short interest totaling 2,928,061 shares, a growth of 23.0% from the December 15th total of 2,379,956 shares. Approximately 10.7% of the company’s shares are short sold. Based on an average daily volume of 625,132 shares, the short-interest ratio is presently 4.7 days. Based on an average daily volume of 625,132 shares, the short-interest ratio is presently 4.7 days. Approximately 10.7% of the company’s shares are short sold.

Wall Street Analyst Weigh In

IIPR has been the subject of a number of research reports. Weiss Ratings raised shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, January 13th. Piper Sandler upped their target price on Innovative Industrial Properties from $43.00 to $44.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 5th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $68.20.

Innovative Industrial Properties Trading Down 1.4%

NYSE:IIPR opened at $49.81 on Wednesday. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of 11.80 and a beta of 1.46. Innovative Industrial Properties has a one year low of $44.58 and a one year high of $75.71. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.75 and a current ratio of 2.75. The business’s 50-day simple moving average is $50.52 and its 200 day simple moving average is $52.67.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, November 3rd. The company reported $1.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.73 by ($0.02). Innovative Industrial Properties had a return on equity of 6.77% and a net margin of 45.80%.The business had revenue of $64.69 million for the quarter, compared to analysts’ expectations of $63.72 million. During the same quarter in the prior year, the firm earned $2.25 earnings per share. Innovative Industrial Properties’s revenue for the quarter was down 15.4% compared to the same quarter last year. As a group, sell-side analysts predict that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 15.3%. The ex-dividend date was Wednesday, December 31st. Innovative Industrial Properties’s payout ratio is 180.09%.

Insider Transactions at Innovative Industrial Properties

In other Innovative Industrial Properties news, CFO David Jon Smith bought 600 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was purchased at an average price of $45.90 per share, with a total value of $27,540.00. Following the transaction, the chief financial officer owned 600 shares in the company, valued at $27,540. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Alan D. Gold purchased 2,600 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The stock was acquired at an average price of $49.09 per share, for a total transaction of $127,634.00. Following the acquisition, the chairman directly owned 2,600 shares of the company’s stock, valued at $127,634. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 4,200 shares of company stock valued at $201,434 in the last quarter. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IIPR. Aberdeen Group plc raised its stake in shares of Innovative Industrial Properties by 32.5% in the 4th quarter. Aberdeen Group plc now owns 8,204 shares of the company’s stock valued at $389,000 after purchasing an additional 2,012 shares in the last quarter. TrueMark Investments LLC acquired a new stake in Innovative Industrial Properties during the fourth quarter valued at approximately $982,000. Exchange Traded Concepts LLC lifted its holdings in Innovative Industrial Properties by 17.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 34,582 shares of the company’s stock worth $1,638,000 after buying an additional 5,124 shares during the last quarter. Pensionfund Sabic acquired a new position in shares of Innovative Industrial Properties in the 4th quarter worth approximately $209,000. Finally, Pensionfund PDN acquired a new position in shares of Innovative Industrial Properties in the 4th quarter worth approximately $398,000. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.