Innovative Industrial Properties (NYSE:IIPR) Releases Earnings Results, Beats Estimates By $0.34 EPS

Key Points

• Innovative Industrial Properties reported quarterly EPS of $1.36, beating the $1.02 analyst consensus by $0.34. Revenue totaled $63.31 million, below estimates of $67.96 million.
• Shares fell 0.4% to $58.59 after the results. The stock has a market capitalization of approximately $1.69 billion and trades at a P/E ratio of 14.98.
• The company paid a quarterly dividend of $1.90 per share, equivalent to an annualized dividend of $7.60 and a 13.0% yield. Analysts maintain a consensus “Reduce” rating with a $48.00 price target.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) issued its earnings results on Monday. The company reported $1.36 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.34, FiscalAI reports. Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The company had revenue of $63.31 million for the quarter, compared to analyst estimates of $67.96 million.

Innovative Industrial Properties Stock Down 0.4%

Shares of NYSE:IIPR traded down $0.22 during mid-day trading on Monday, hitting $58.59. 367,159 shares of the company traded hands, compared to its average volume of 344,914. The stock has a 50-day moving average price of $60.93 and a two-hundred day moving average price of $54.99. Innovative Industrial Properties has a 12-month low of $44.58 and a 12-month high of $65.38. The stock has a market cap of $1.69 billion, a P/E ratio of 14.98 and a beta of 1.39. The company has a current ratio of 6.06, a quick ratio of 6.06 and a debt-to-equity ratio of 0.20.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $7.60 annualized dividend and a dividend yield of 13.0%. Innovative Industrial Properties's payout ratio is presently 194.37%.

Hedge Funds Weigh In On Innovative Industrial Properties

Large investors have recently bought and sold shares of the stock. Daiwa Securities Group Inc. grew its stake in shares of Innovative Industrial Properties by 2.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company's stock worth $545,000 after acquiring an additional 207 shares in the last quarter. Freestone Grove Partners LP lifted its position in shares of Innovative Industrial Properties by 2.0% during the fourth quarter. Freestone Grove Partners LP now owns 12,467 shares of the company's stock valued at $590,000 after purchasing an additional 250 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Innovative Industrial Properties by 9.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,991 shares of the company's stock valued at $142,000 after purchasing an additional 262 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Innovative Industrial Properties by 1.0% during the second quarter. California State Teachers Retirement System now owns 26,152 shares of the company's stock worth $1,444,000 after purchasing an additional 264 shares during the last quarter. Finally, Metis Global Partners LLC boosted its holdings in Innovative Industrial Properties by 5.0% during the fourth quarter. Metis Global Partners LLC now owns 6,630 shares of the company's stock worth $314,000 after purchasing an additional 313 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Zacks Research lowered shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 5th. Weiss Ratings raised shares of Innovative Industrial Properties from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, May 26th. Finally, Piper Sandler lifted their price objective on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the company an "underweight" rating in a report on Tuesday, July 21st. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of "Reduce" and a consensus price target of $48.00.

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.

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