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

Innovative Industrial Properties (NYSE:IIPR) announced its quarterly earnings data on Wednesday. The company reported $2.22 EPS for the quarter, meeting the consensus estimate of $2.22, Zacks reports. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.37%. The business had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million.

Innovative Industrial Properties Stock Down 0.5 %

Shares of IIPR traded down $0.34 on Friday, reaching $72.53. The company’s stock had a trading volume of 74,578 shares, compared to its average volume of 273,284. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties has a twelve month low of $62.45 and a twelve month high of $138.35. The stock has a market capitalization of $2.05 billion, a PE ratio of 13.11 and a beta of 1.40. The firm has a fifty day moving average of $72.81 and a 200-day moving average of $104.66.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $1.90 per share. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 10.48%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 137.43%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on IIPR. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. Piper Sandler cut shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $118.00 to $70.00 in a research note on Friday, December 20th. Roth Mkm reduced their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday. Finally, BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $102.00.

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.