Analysts Expect Innovative Industrial Properties, Inc. (NYSE:IIPR) Will Announce Quarterly Sales of $41.30 Million


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Wall Street brokerages forecast that Innovative Industrial Properties, Inc. (NYSE:IIPR) will report $41.30 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Innovative Industrial Properties’ earnings, with the lowest sales estimate coming in at $40.10 million and the highest estimate coming in at $42.50 million. Innovative Industrial Properties reported sales of $21.13 million in the same quarter last year, which indicates a positive year-over-year growth rate of 95.5%. The business is expected to issue its next 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 year, analysts forecast that the firm will post sales of $227.45 million, with estimates ranging from $164.20 million to $290.70 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Innovative Industrial Properties.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, February 24th. The company reported $0.91 earnings per share 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%. The business had revenue of $37.09 million during the quarter, compared to analysts’ expectations of $37.85 million.

A number of equities analysts have weighed in on IIPR shares. BTIG Research boosted their target price on Innovative Industrial Properties from $177.00 to $218.00 and gave the stock a “buy” rating in a research report on Thursday, January 7th. JMP Securities upped their price target on shares of Innovative Industrial Properties from $185.00 to $225.00 and gave the company an “outperform” rating in a research report on Friday, January 29th. Finally, Zacks Investment Research lowered shares of Innovative Industrial Properties from a “hold” rating to a “sell” rating in a research report on Tuesday, March 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $188.63.

In related news, Chairman Alan D. Gold sold 1,829 shares of the stock in a transaction that occurred on Wednesday, March 3rd. The shares were sold at an average price of $33.42, for a total value of $61,125.18. Following the completion of the sale, the chairman now directly owns 53,271 shares of the company’s stock, valued at approximately $1,780,316.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Paul E. Smithers sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 17th. The stock was sold at an average price of $195.00, for a total transaction of $390,000.00. Following the completion of the sale, the chief executive officer now directly owns 31,740 shares of the company’s stock, valued at $6,189,300. The disclosure for this sale can be found here. Insiders sold a total of 11,029 shares of company stock valued at $1,797,137 over the last three months. 2.90% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in Innovative Industrial Properties by 6.9% in the 4th quarter. BlackRock Inc. now owns 3,806,926 shares of the company’s stock worth $697,162,000 after acquiring an additional 245,786 shares in the last quarter. Northern Trust Corp boosted its stake in Innovative Industrial Properties by 0.6% in the 4th quarter. Northern Trust Corp now owns 361,521 shares of the company’s stock worth $66,205,000 after purchasing an additional 2,112 shares during the period. Copeland Capital Management LLC boosted its stake in Innovative Industrial Properties by 22.1% in the 4th quarter. Copeland Capital Management LLC now owns 252,702 shares of the company’s stock worth $46,277,000 after purchasing an additional 45,750 shares during the period. Lord Abbett & CO. LLC bought a new position in Innovative Industrial Properties in the 4th quarter worth approximately $30,996,000. Finally, Caas Capital Management LP bought a new position in Innovative Industrial Properties in the 4th quarter worth approximately $29,363,000. 74.85% of the stock is owned by institutional investors.

Shares of NYSE:IIPR opened at $178.00 on Friday. Innovative Industrial Properties has a fifty-two week low of $66.86 and a fifty-two week high of $222.08. The business has a 50-day simple moving average of $182.44 and a two-hundred day simple moving average of $172.78. The company has a debt-to-equity ratio of 0.11, a quick ratio of 458.27 and a current ratio of 458.27. The firm has a market cap of $4.26 billion, a price-to-earnings ratio of 57.61 and a beta of 1.52.

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 15th. Stockholders of record on Wednesday, March 31st were given a dividend of $1.32 per share. The ex-dividend date was Tuesday, March 30th. This represents a $5.28 annualized dividend and a dividend yield of 2.97%. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $1.24. Innovative Industrial Properties’s dividend payout ratio is presently 161.47%.

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 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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