Innovative Industrial Properties (NYSE:IIPR) Issues Quarterly Earnings Results

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

Innovative Industrial Properties Stock Down 0.7 %

Shares of IIPR stock traded down $0.53 during mid-day trading on Wednesday, hitting $73.41. 314,895 shares of the stock traded hands, compared to its average volume of 276,944. The stock has a market cap of $2.08 billion, a P/E ratio of 13.06 and a beta of 1.40. The stock’s fifty day moving average is $74.70 and its two-hundred day moving average is $105.41. Innovative Industrial Properties has a 52-week low of $62.45 and a 52-week 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 disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 10.35%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Analysts Set New Price Targets

IIPR has been the topic of several research reports. 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. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $118.00 to $70.00 in a research note on Friday, December 20th. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Innovative Industrial Properties presently has a consensus 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.