Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) was the recipient of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 2,760,000 shares, an increase 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 presently 7.3 days.
Innovative Industrial Properties Stock Down 2.1 %
Shares of NYSE:IIPR opened at $80.26 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 27.14 and a quick ratio of 27.14. The firm has a market capitalization of $2.25 billion, a PE ratio of 14.54 and a beta of 1.60. The firm's 50-day moving average is $90.34 and its two-hundred day moving average is $98.24. Innovative Industrial Properties has a 1 year low of $78.61 and a 1 year high of $211.17.Get Innovative Industrial Properties alerts:
Innovative Industrial Properties (NYSE:IIPR – Get Rating) last issued its quarterly earnings results on Monday, February 27th. The company reported $1.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.80 by ($0.34). The business had revenue of $70.46 million for the quarter, compared to analysts' expectations of $68.60 million. Innovative Industrial Properties had a return on equity of 8.24% and a net margin of 55.86%. Analysts predict that Innovative Industrial Properties will post 7.75 EPS for the current year.
Innovative Industrial Properties Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Friday, March 31st will be paid a dividend of $1.80 per share. The ex-dividend date of this dividend is Thursday, March 30th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 8.97%. Innovative Industrial Properties's payout ratio is 130.43%.
Analysts Set New Price Targets
Several research analysts have recently weighed in on the stock. JMP Securities cut shares of Innovative Industrial Properties from an "outperform" rating to a "market perform" rating in a research report on Friday, January 20th. Craig Hallum reduced their price objective on shares of Innovative Industrial Properties from $140.00 to $125.00 in a report on Wednesday, March 1st. Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $140.00 to $120.00 and set an "overweight" rating on the stock in a report on Wednesday, March 1st. BTIG Research reduced their price objective on shares of Innovative Industrial Properties from $196.00 to $179.00 and set a "buy" rating on the stock in a report on Tuesday, January 24th. Finally, TheStreet lowered shares of Innovative Industrial Properties from a "b-" rating to a "c+" rating in a report on Monday, February 27th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $153.17.
Institutional Trading of Innovative Industrial Properties
A number of large investors have recently made changes to their positions in IIPR. Private Advisor Group LLC increased its stake in shares of Innovative Industrial Properties by 41.5% during the first quarter. Private Advisor Group LLC now owns 2,344 shares of the company's stock worth $481,000 after buying an additional 687 shares during the period. Bank of Montreal Can increased its stake in shares of Innovative Industrial Properties by 8.1% during the first quarter. Bank of Montreal Can now owns 9,019 shares of the company's stock worth $1,893,000 after buying an additional 676 shares during the period. MetLife Investment Management LLC increased its stake in shares of Innovative Industrial Properties by 55.5% during the first quarter. MetLife Investment Management LLC now owns 12,587 shares of the company's stock worth $2,585,000 after buying an additional 4,492 shares during the period. Rhumbline Advisers increased its stake in shares of Innovative Industrial Properties by 8.2% during the first quarter. Rhumbline Advisers now owns 64,743 shares of the company's stock worth $13,298,000 after buying an additional 4,898 shares during the period. Finally, Great West Life Assurance Co. Can increased its stake in shares of Innovative Industrial Properties by 6.5% during the first quarter. Great West Life Assurance Co. Can now owns 42,089 shares of the company's stock worth $8,914,000 after buying an additional 2,556 shares during the period. 73.71% of the stock is currently owned by hedge funds and other institutional investors.
About Innovative Industrial Properties
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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