Innovative Industrial Properties (NYSE:IIPR) Issues Quarterly Earnings Results, Misses Expectations By $0.75 EPS

Innovative Industrial Properties (NYSE:IIPR) posted its quarterly earnings data on Monday. The company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.81 by ($0.75), FiscalAI reports. The firm had revenue of $66.66 million during the quarter, compared to analysts’ expectations of $66.16 million. Innovative Industrial Properties had a net margin of 45.80% and a return on equity of 6.77%.

Innovative Industrial Properties Stock Up 1.2%

NYSE:IIPR traded up $0.56 during trading hours on Monday, hitting $46.27. 308,016 shares of the company traded hands, compared to its average volume of 292,048. Innovative Industrial Properties has a one year low of $44.58 and a one year high of $74.92. The company has a market cap of $1.30 billion, a PE ratio of 10.96 and a beta of 1.47. The firm’s 50-day simple moving average is $49.62 and its 200-day simple moving average is $51.73. The company has a quick ratio of 2.75, a current 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 issued a dividend of $1.90 per share. The ex-dividend date was Wednesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 16.4%. Innovative Industrial Properties’s payout ratio is currently 180.09%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Piper Sandler upped their target price on Innovative Industrial Properties from $43.00 to $44.00 and gave the stock an “underweight” rating in a report on Wednesday, November 5th. Weiss Ratings cut Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, January 28th. Two analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of “Strong Sell” and an average price target of $52.75.

Institutional Inflows and Outflows

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

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.