Innovative Industrial Properties (NYSE:IIPR) Releases Earnings Results, Hits Expectations

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) released its quarterly earnings results on Wednesday. The company reported $2.22 EPS for the quarter, meeting analysts' consensus estimates of $2.22, Zacks reports. Innovative Industrial Properties had a return on equity of 8.37% and a net margin of 52.40%. The company had revenue of $76.74 million during the quarter, compared to analysts' expectations of $76.21 million.

Innovative Industrial Properties Stock Performance

NYSE:IIPR traded up $0.07 during mid-day trading on Friday, hitting $72.94. The company's stock had a trading volume of 580,672 shares, compared to its average volume of 288,285. The business's fifty day moving average is $72.18 and its two-hundred day moving average is $104.38. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of 13.19 and a beta of 1.40. Innovative Industrial Properties has a 1 year low of $62.45 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 10.42%. Innovative Industrial Properties's dividend payout ratio is presently 137.43%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. BTIG Research cut shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research note on Monday, December 23rd. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Roth Capital raised shares of Innovative Industrial Properties to a "strong-buy" rating in a report on Monday, November 11th. Piper Sandler lowered Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and reduced their target price for the stock from $118.00 to $70.00 in a research note on Friday, December 20th. Finally, Alliance Global Partners downgraded Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $102.00.

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.