Innovative Industrial Properties (NYSE:IIPR) Issues Quarterly Earnings Results, Beats Expectations By $0.17 EPS

Innovative Industrial Properties (NYSE:IIPR) posted its earnings results on Monday. The company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.17, Briefing.com reports. The firm had revenue of $66.66 million for the quarter, compared to analyst estimates of $66.16 million. Innovative Industrial Properties had a return on equity of 6.39% and a net margin of 44.46%.The company’s revenue for the quarter was down 13.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.03 earnings per share.

Innovative Industrial Properties Trading Up 10.7%

Shares of Innovative Industrial Properties stock opened at $51.09 on Wednesday. The stock has a market cap of $1.43 billion, a P/E ratio of 13.03 and a beta of 1.47. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 0.19. Innovative Industrial Properties has a 12-month low of $44.58 and a 12-month high of $74.92. The business’s 50 day moving average is $49.27 and its 200-day moving average is $51.77.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 14.9%. Innovative Industrial Properties’s payout ratio is 180.09%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on IIPR. Weiss Ratings lowered Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, January 28th. Piper Sandler raised their price target on shares of Innovative Industrial Properties from $43.00 to $44.00 and gave the stock an “underweight” rating in a research note on Wednesday, November 5th. Two equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Innovative Industrial Properties has an average rating of “Strong Sell” and an average price target of $52.75.

Institutional Trading of Innovative Industrial Properties

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. grew its position in shares of Innovative Industrial Properties by 2.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company’s stock valued at $545,000 after acquiring an additional 207 shares during the period. Freestone Grove Partners LP lifted its stake in Innovative Industrial Properties by 2.0% in the 4th quarter. Freestone Grove Partners LP now owns 12,467 shares of the company’s stock valued at $590,000 after purchasing an additional 250 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Innovative Industrial Properties by 9.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,991 shares of the company’s stock worth $142,000 after purchasing an additional 262 shares during the period. California State Teachers Retirement System grew its holdings in Innovative Industrial Properties by 1.0% during the second quarter. California State Teachers Retirement System now owns 26,152 shares of the company’s stock worth $1,444,000 after purchasing an additional 264 shares during the period. Finally, Metis Global Partners LLC increased its position in Innovative Industrial Properties by 5.0% during the fourth quarter. Metis Global Partners LLC now owns 6,630 shares of the company’s stock worth $314,000 after buying an additional 313 shares during the last quarter. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.