Innovative Industrial Properties (NYSE:IIPR) Releases Earnings Results, Meets Estimates

Innovative Industrial Properties (NYSE:IIPR) announced its quarterly earnings results on Wednesday. The company reported $2.22 EPS for the quarter, meeting 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%.

Innovative Industrial Properties Stock Down 0.7 %

Shares of IIPR traded down $0.53 during trading hours on Wednesday, hitting $73.41. The stock had a trading volume of 314,888 shares, compared to its average volume of 276,937. 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 firm has a 50 day simple moving average of $74.70 and a 200-day simple moving average of $105.41. The firm has a market capitalization of $2.08 billion, a P/E ratio of 13.06 and a beta of 1.40. Innovative Industrial Properties has a 1-year low of $62.45 and a 1-year high of $138.35.

Innovative Industrial Properties Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research analysts have recently commented on IIPR shares. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Alliance Global Partners lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Finally, Piper Sandler lowered Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $118.00 to $70.00 in a research report on Friday, December 20th. One research 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average 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.