Innovative Industrial Properties, Inc. (NYSE:IIPR) Expected to Announce Quarterly Sales of $59.15 Million

Equities research analysts predict that Innovative Industrial Properties, Inc. (NYSE:IIPR) will post $59.15 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Innovative Industrial Properties’ earnings, with estimates ranging from $58.20 million to $60.10 million. Innovative Industrial Properties reported sales of $37.09 million during the same quarter last year, which indicates a positive year over year growth rate of 59.5%. The company is expected to announce its next earnings report on Wednesday, February 23rd.

According to Zacks, analysts expect that Innovative Industrial Properties will report full year sales of $204.95 million for the current year, with estimates ranging from $203.80 million to $206.10 million. For the next fiscal year, analysts forecast that the firm will report sales of $267.90 million, with estimates ranging from $244.60 million to $291.20 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Innovative Industrial Properties.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, November 3rd. The company reported $1.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.04. Innovative Industrial Properties had a net margin of 58.40% and a return on equity of 7.10%.

A number of equities research analysts have recently commented on the stock. Roth Capital lifted their price target on shares of Innovative Industrial Properties from $215.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, August 6th. Zacks Investment Research downgraded shares of Innovative Industrial Properties from a “hold” rating to a “sell” rating and set a $256.00 target price for the company. in a report on Wednesday, October 6th. BTIG Research boosted their target price on shares of Innovative Industrial Properties from $245.00 to $290.00 and gave the company a “buy” rating in a report on Wednesday, September 1st. JMP Securities boosted their target price on shares of Innovative Industrial Properties from $260.00 to $300.00 and gave the company an “outperform” rating in a report on Thursday, November 4th. Finally, Craig Hallum boosted their target price on shares of Innovative Industrial Properties from $175.00 to $240.00 and gave the company a “hold” rating in a report on Monday, August 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Innovative Industrial Properties presently has an average rating of “Buy” and an average price target of $256.25.

IIPR traded up $7.59 during midday trading on Thursday, reaching $269.08. 139,708 shares of the company’s stock were exchanged, compared to its average volume of 265,430. The stock has a market capitalization of $6.44 billion, a PE ratio of 62.14 and a beta of 1.46. Innovative Industrial Properties has a 1-year low of $146.81 and a 1-year high of $288.02. The company has a debt-to-equity ratio of 0.29, a current ratio of 80.69 and a quick ratio of 80.69. The business’s 50-day moving average price is $253.54 and its 200 day moving average price is $223.19.

The business also recently declared a quarterly dividend, which was paid on Friday, October 15th. Investors of record on Thursday, September 30th were issued a $1.50 dividend. The ex-dividend date was Wednesday, September 29th. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 2.23%. Innovative Industrial Properties’s dividend payout ratio is currently 138.57%.

In other news, CEO Paul E. Smithers sold 3,954 shares of the company’s stock in a transaction dated Wednesday, September 1st. The shares were sold at an average price of $249.00, for a total transaction of $984,546.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Shoemaker sold 360 shares of the company’s stock in a transaction dated Wednesday, September 15th. The stock was sold at an average price of $233.00, for a total transaction of $83,880.00. The disclosure for this sale can be found here. Insiders sold 12,247 shares of company stock worth $1,345,760 over the last ninety days. 1.80% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Innovative Industrial Properties by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 3,817,154 shares of the company’s stock valued at $729,152,000 after buying an additional 128,585 shares in the last quarter. State Street Corp grew its position in Innovative Industrial Properties by 3.3% in the 2nd quarter. State Street Corp now owns 1,198,215 shares of the company’s stock valued at $230,545,000 after buying an additional 38,000 shares in the last quarter. Zimmer Partners LP grew its position in Innovative Industrial Properties by 2.8% in the 2nd quarter. Zimmer Partners LP now owns 924,962 shares of the company’s stock valued at $176,686,000 after buying an additional 24,962 shares in the last quarter. AdvisorShares Investments LLC grew its position in Innovative Industrial Properties by 4.0% in the 3rd quarter. AdvisorShares Investments LLC now owns 408,297 shares of the company’s stock valued at $94,386,000 after buying an additional 15,880 shares in the last quarter. Finally, Northern Trust Corp grew its position in Innovative Industrial Properties by 4.2% in the 2nd quarter. Northern Trust Corp now owns 386,923 shares of the company’s stock valued at $73,910,000 after buying an additional 15,772 shares in the last quarter. Hedge funds and other institutional investors own 75.02% of the company’s stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New York, North Dakota, Ohio, and Pennsylvania.

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

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