5 Extreme Dividend Stocks With Upside Potential

2. Innovative Industrial Properties, Inc. (NYSE:IIPR)

Number of Hedge Fund Holders: 15

Dividend Yield: 5.9%

Innovative Industrial Properties, Inc. (NYSE:IIPR) is an industrial real estate investment trust focused on acquiring, owning, and managing specialized properties used for regulated medical-use cannabis facilities. The company was said to have an upside potential of 101%, according to BTIG analyst Thomas Catherwood this May. As such, it is among the top extreme dividends stocks with upside potential with its 5.9% yield.

Craig-Hallum’s Eric Des Lauriers upgraded Innovative Industrial Properties, Inc. (NYSE:IIPR) shares from Hold to Buy this May, while placing a $175 price target on the company’s shares.

The analyst also noted that Innovative Industrial Properties, Inc. (NYSE:IIPR) has outperformed its peers by 76% to 126% in the last three years.

Innovative Industrial Properties, Inc. (NYSE:IIPR) had 15 hedge funds holding stakes in the company in the first quarter of 2022, with a total stake value of $311 million. In comparison, 13 hedge funds were long the stock in the previous quarter, with a total stake value of $273 million.