Analysts Set Expectations for IIPR FY2024 Earnings

Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) - Investment analysts at Roth Capital issued their FY2024 earnings per share estimates for Innovative Industrial Properties in a research note issued on Monday, November 11th. Roth Capital analyst W. Kirk anticipates that the company will post earnings per share of $8.36 for the year. Roth Capital has a "Strong-Buy" rating on the stock. The consensus estimate for Innovative Industrial Properties' current full-year earnings is $8.40 per share. Roth Capital also issued estimates for Innovative Industrial Properties' Q4 2024 earnings at $2.07 EPS, Q1 2025 earnings at $2.10 EPS, Q2 2025 earnings at $2.15 EPS, Q3 2025 earnings at $2.16 EPS, Q4 2025 earnings at $2.16 EPS and FY2025 earnings at $8.57 EPS.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts' consensus estimates of $2.13 by ($0.76). The firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. Innovative Industrial Properties's revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.29 EPS.

Other research analysts have also issued reports about the company. Wolfe Research raised Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Piper Sandler reduced their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating on the stock in a research report on Friday, November 8th. Roth Mkm raised their price target on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a "buy" rating in a report on Monday, July 22nd. Finally, Compass Point raised shares of Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 price objective for the company in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $127.67.

Innovative Industrial Properties Price Performance

Shares of IIPR traded down $0.90 during trading hours on Wednesday, reaching $103.06. 478,728 shares of the company traded hands, compared to its average volume of 202,995. Innovative Industrial Properties has a fifty-two week low of $77.29 and a fifty-two week high of $138.35. The stock has a fifty day simple moving average of $129.04 and a 200 day simple moving average of $118.74. The stock has a market capitalization of $2.92 billion, a PE ratio of 18.54 and a beta of 1.37. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. USA Financial Formulas bought a new stake in Innovative Industrial Properties during the 3rd quarter valued at $25,000. Blue Trust Inc. raised its position in shares of Innovative Industrial Properties by 2,085.7% during the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company's stock worth $48,000 after buying an additional 438 shares in the last quarter. Signaturefd LLC lifted its stake in shares of Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company's stock worth $55,000 after acquiring an additional 150 shares during the period. Canton Hathaway LLC bought a new position in shares of Innovative Industrial Properties in the third quarter valued at approximately $55,000. Finally, Loomis Sayles & Co. L P increased its stake in shares of Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company's stock valued at $57,000 after acquiring an additional 407 shares during the period. Institutional investors and hedge funds own 70.58% of the company's stock.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.37%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties's dividend payout ratio is presently 135.23%.

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 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.