Innovative Industrial Properties (NYSE:IIPR) Issues Earnings Results

Innovative Industrial Properties (NYSE:IIPR) released its quarterly earnings results on Wednesday. The company reported $2.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.22, Zacks reports. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%.

Innovative Industrial Properties Stock Performance

Innovative Industrial Properties stock traded down $0.53 during trading on Wednesday, hitting $73.41. The stock had a trading volume of 314,888 shares, compared to its average volume of 276,937. Innovative Industrial Properties has a 1 year low of $62.45 and a 1 year high of $138.35. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average is $74.70 and its two-hundred day moving average is $105.41. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of 13.06 and a beta of 1.40.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $1.90 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 10.35%. Innovative Industrial Properties’s payout ratio is 135.23%.

Analysts Set New Price Targets

IIPR has been the subject of a number of analyst reports. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. Finally, Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Hold” and a consensus target price of $104.50.

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.