Innovative Industrial Properties (NYSE:IIPR) Issues Quarterly Earnings Results

Innovative Industrial Properties (NYSE:IIPR) announced its earnings results on Wednesday. The company reported $2.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.22, Zacks reports. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million.

Innovative Industrial Properties Stock Performance

Shares of IIPR traded down $0.01 during mid-day trading on Thursday, reaching $73.42. 33,449 shares of the company’s stock traded hands, compared to its average volume of 269,334. The business’s 50-day moving average price is $73.43 and its 200-day moving average price is $104.88. The stock has a market capitalization of $2.08 billion, a P/E ratio of 13.06 and a beta of 1.40. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. Innovative Industrial Properties has a 12 month low of $62.45 and a 12 month high of $138.35.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 10.35%. Innovative Industrial Properties’s payout ratio is currently 135.23%.

Analyst Upgrades and Downgrades

IIPR has been the topic of a number of analyst reports. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $118.00 to $70.00 in a research note on Friday, December 20th. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Finally, Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Company Profile

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.