Innovative Industrial Properties (NYSE:IIPR) Posts Quarterly Earnings Results, Hits Estimates

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

Innovative Industrial Properties Trading Down 0.0 %

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

Innovative Industrial Properties Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on IIPR shares. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $118.00 to $70.00 in a research note on Friday, December 20th. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $104.50.

About Innovative Industrial Properties

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.