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

Innovative Industrial Properties (NYSE:IIPR) announced its earnings results on Monday. The company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.17, Zacks reports. Innovative Industrial Properties had a return on equity of 6.77% and a net margin of 45.80%.The company had revenue of $66.66 million for the quarter, compared to analysts’ expectations of $66.16 million. During the same quarter in the previous year, the firm earned $2.03 earnings per share. Innovative Industrial Properties’s quarterly revenue was down 13.1% on a year-over-year basis.

Innovative Industrial Properties Price Performance

Shares of IIPR stock traded up $0.56 during trading hours on Monday, reaching $46.27. The stock had a trading volume of 313,880 shares, compared to its average volume of 292,353. The stock’s fifty day simple moving average is $49.62 and its 200 day simple moving average is $51.73. The firm has a market capitalization of $1.30 billion, a PE ratio of 10.96 and a beta of 1.47. Innovative Industrial Properties has a 12 month low of $44.58 and a 12 month high of $74.92. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.19.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 16.4%. The ex-dividend date was Wednesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is 180.09%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Advisory Services Network LLC purchased a new stake in shares of Innovative Industrial Properties in the third quarter worth $34,000. Los Angeles Capital Management LLC bought a new position in Innovative Industrial Properties in the 4th quarter worth about $35,000. Headlands Technologies LLC raised its holdings in shares of Innovative Industrial Properties by 109.4% in the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock valued at $42,000 after acquiring an additional 396 shares in the last quarter. Triumph Capital Management purchased a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at about $44,000. Finally, NewEdge Advisors LLC boosted its position in shares of Innovative Industrial Properties by 1,551.2% during the 4th quarter. NewEdge Advisors LLC now owns 2,130 shares of the company’s stock valued at $101,000 after acquiring an additional 2,001 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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