Innovative Industrial Properties (NYSE:IIPR) Issues Earnings Results, Misses Estimates By $0.75 EPS

Innovative Industrial Properties (NYSE:IIPR) announced its quarterly earnings results on Monday. The company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.81 by ($0.75), FiscalAI reports. Innovative Industrial Properties had a return on equity of 6.77% and a net margin of 45.80%.The firm had revenue of $66.66 million during the quarter, compared to the consensus estimate of $66.16 million.

Innovative Industrial Properties Trading Up 1.2%

Shares of Innovative Industrial Properties stock traded up $0.56 during trading on Monday, reaching $46.27. The company’s stock had a trading volume of 313,140 shares, compared to its average volume of 292,048. Innovative Industrial Properties has a 52-week low of $44.58 and a 52-week high of $74.92. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 10.96 and a beta of 1.47. The firm’s 50-day moving average is $49.62 and its two-hundred day moving average is $51.73. 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 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $1.90 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $7.60 annualized dividend and a yield of 16.4%. Innovative Industrial Properties’s dividend payout ratio is currently 180.09%.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of large investors have recently bought and sold shares of the stock. Advisory Services Network LLC purchased a new stake in shares of Innovative Industrial Properties during the third quarter valued at approximately $34,000. Los Angeles Capital Management LLC bought a new stake in Innovative Industrial Properties during the 4th quarter valued at $35,000. Headlands Technologies LLC boosted its position in Innovative Industrial Properties by 109.4% during the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock valued at $42,000 after buying an additional 396 shares during the period. Triumph Capital Management bought a new stake in Innovative Industrial Properties in the 3rd quarter worth $44,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Innovative Industrial Properties by 1,304.0% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 2,106 shares of the company’s stock worth $113,000 after acquiring an additional 1,956 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Piper Sandler raised their price objective on shares of Innovative Industrial Properties from $43.00 to $44.00 and gave the company an “underweight” rating in a research note on Wednesday, November 5th. Weiss Ratings cut Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, January 28th. Two investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Innovative Industrial Properties currently has a consensus rating of “Strong Sell” and an average target price of $52.75.

About Innovative Industrial Properties

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.