Innovative Industrial Properties, Inc. (NYSE:IIPR) Expected to Announce Quarterly Sales of $41.30 Million


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Wall Street brokerages forecast that Innovative Industrial Properties, Inc. (NYSE:IIPR) will announce $41.30 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Innovative Industrial Properties’ earnings. The lowest sales estimate is $40.10 million and the highest is $42.50 million. Innovative Industrial Properties reported sales of $21.13 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 95.5%. The company is expected to issue its next quarterly earnings report on Wednesday, May 5th.

According to Zacks, analysts expect that Innovative Industrial Properties will report full-year sales of $185.80 million for the current fiscal year, with estimates ranging from $162.40 million to $209.20 million. For the next fiscal year, analysts expect that the business will post sales of $227.45 million, with estimates ranging from $164.20 million to $290.70 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for Innovative Industrial Properties.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, February 24th. The company reported $0.91 EPS for the quarter, missing the Zacks’ consensus estimate of $1.47 by ($0.56). Innovative Industrial Properties had a return on equity of 6.05% and a net margin of 55.71%.

IIPR has been the topic of several recent analyst reports. Piper Sandler boosted their price target on Innovative Industrial Properties from $160.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 23rd. Compass Point boosted their price target on Innovative Industrial Properties from $180.00 to $220.00 and gave the stock a “buy” rating in a research note on Friday, December 18th. Zacks Investment Research cut Innovative Industrial Properties from a “hold” rating to a “sell” rating in a research note on Tuesday, March 2nd. JMP Securities boosted their price target on Innovative Industrial Properties from $185.00 to $225.00 and gave the stock an “outperform” rating in a research note on Friday, January 29th. Finally, LADENBURG THALM/SH SH lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Wednesday, December 23rd. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. Innovative Industrial Properties has an average rating of “Buy” and a consensus price target of $188.63.

Shares of NYSE:IIPR traded up $4.94 during trading on Monday, hitting $194.46. The company’s stock had a trading volume of 2,993 shares, compared to its average volume of 473,473. The company has a debt-to-equity ratio of 0.11, a quick ratio of 458.27 and a current ratio of 458.27. Innovative Industrial Properties has a fifty-two week low of $64.68 and a fifty-two week high of $222.08. The stock’s 50-day moving average price is $188.38 and its two-hundred day moving average price is $168.12. The company has a market capitalization of $4.65 billion, a PE ratio of 62.57 and a beta of 1.52.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 15th. Investors of record on Wednesday, March 31st will be issued a $1.32 dividend. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $1.24. This represents a $5.28 annualized dividend and a yield of 2.72%. The ex-dividend date is Tuesday, March 30th. Innovative Industrial Properties’s payout ratio is currently 161.47%.

In other news, CEO Paul E. Smithers sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, March 15th. The stock was sold at an average price of $195.00, for a total transaction of $390,000.00. Following the completion of the transaction, the chief executive officer now directly owns 35,740 shares of the company’s stock, valued at $6,969,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Catherine Hastings sold 1,200 shares of the company’s stock in a transaction that occurred on Thursday, March 11th. The shares were sold at an average price of $180.01, for a total value of $216,012.00. Following the transaction, the chief financial officer now directly owns 13,005 shares of the company’s stock, valued at $2,341,030.05. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,029 shares of company stock valued at $1,797,137. 2.90% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the company. Joseph P. Lucia & Associates LLC acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth approximately $27,000. Private Capital Group LLC acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth approximately $30,000. Inspire Advisors LLC acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth approximately $32,000. Advisors Asset Management Inc. boosted its position in shares of Innovative Industrial Properties by 226.7% during the third quarter. Advisors Asset Management Inc. now owns 281 shares of the company’s stock worth $35,000 after buying an additional 195 shares during the period. Finally, Wolff Wiese Magana LLC acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth approximately $37,000. 74.85% of the stock is owned by institutional investors.

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 medical-use 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.

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Earnings History and Estimates for Innovative Industrial Properties (NYSE:IIPR)

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