Innovative Industrial Properties (NYSE:IIPR) Releases Quarterly Earnings Results, Hits Expectations

Innovative Industrial Properties (NYSE:IIPR) posted its earnings results on Wednesday. The company reported $2.22 EPS for the quarter, hitting the consensus estimate of $2.22, Zacks reports. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%.

Innovative Industrial Properties Stock Performance

Shares of IIPR traded down $0.53 on Wednesday, reaching $73.41. The company’s stock had a trading volume of 314,895 shares, compared to its average volume of 276,944. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The stock has a market capitalization of $2.08 billion, a P/E ratio of 13.06 and a beta of 1.40. The stock’s 50 day simple moving average is $74.70 and its two-hundred day simple moving average is $105.41. 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.35%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is 135.23%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. Alliance Global Partners lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $118.00 to $70.00 in a research note on Friday, December 20th. Finally, JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus 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.