Analysts Expect Innovative Industrial Properties, Inc. (NYSE:IIPR) Will Post Quarterly Sales of $59.15 Million

Wall Street brokerages predict that Innovative Industrial Properties, Inc. (NYSE:IIPR) will report sales of $59.15 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Innovative Industrial Properties’ earnings. The highest sales estimate is $60.10 million and the lowest is $58.20 million. Innovative Industrial Properties posted sales of $37.09 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 59.5%. The business is expected to report its next earnings report on Wednesday, February 23rd.

According to Zacks, analysts expect that Innovative Industrial Properties will report full year sales of $204.95 million for the current fiscal year, with estimates ranging from $203.80 million to $206.10 million. For the next fiscal year, analysts anticipate that the firm will post sales of $267.90 million, with estimates ranging from $244.60 million to $291.20 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Innovative Industrial Properties.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, November 3rd. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.16 by $0.04. Innovative Industrial Properties had a net margin of 58.40% and a return on equity of 7.10%.

Several equities research analysts recently weighed in on IIPR shares. Zacks Investment Research downgraded shares of Innovative Industrial Properties from a “hold” rating to a “sell” rating and set a $256.00 price objective for the company. in a report on Wednesday, October 6th. Roth Capital upped their price objective on shares of Innovative Industrial Properties from $215.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, August 6th. Craig Hallum upped their price objective on shares of Innovative Industrial Properties from $175.00 to $240.00 and gave the stock a “hold” rating in a report on Monday, August 9th. JMP Securities upped their price objective on shares of Innovative Industrial Properties from $260.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday, November 4th. Finally, BTIG Research upped their price objective on shares of Innovative Industrial Properties from $245.00 to $290.00 and gave the stock a “buy” rating in a report on Wednesday, September 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $256.25.

In related news, CEO Paul E. Smithers sold 3,954 shares of the stock in a transaction that occurred on Wednesday, September 1st. The stock was sold at an average price of $249.00, for a total value of $984,546.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Alan D. Gold sold 2,987 shares of the stock in a transaction that occurred on Wednesday, November 17th. The stock was sold at an average price of $33.95, for a total value of $101,408.65. The disclosure for this sale can be found here. Insiders sold a total of 12,247 shares of company stock worth $1,345,760 in the last quarter. 1.80% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Innovative Industrial Properties by 3.5% in the second quarter. Vanguard Group Inc. now owns 3,817,154 shares of the company’s stock valued at $729,152,000 after acquiring an additional 128,585 shares during the period. State Street Corp boosted its position in shares of Innovative Industrial Properties by 3.3% in the second quarter. State Street Corp now owns 1,198,215 shares of the company’s stock valued at $230,545,000 after acquiring an additional 38,000 shares during the period. Zimmer Partners LP boosted its position in shares of Innovative Industrial Properties by 2.8% in the second quarter. Zimmer Partners LP now owns 924,962 shares of the company’s stock valued at $176,686,000 after acquiring an additional 24,962 shares during the period. AdvisorShares Investments LLC boosted its position in shares of Innovative Industrial Properties by 4.0% in the third quarter. AdvisorShares Investments LLC now owns 408,297 shares of the company’s stock valued at $94,386,000 after acquiring an additional 15,880 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Innovative Industrial Properties by 4.2% in the second quarter. Northern Trust Corp now owns 386,923 shares of the company’s stock valued at $73,910,000 after acquiring an additional 15,772 shares during the period. 75.02% of the stock is owned by hedge funds and other institutional investors.

Shares of Innovative Industrial Properties stock traded up $7.59 during trading on Thursday, hitting $269.08. 139,708 shares of the stock were exchanged, compared to its average volume of 265,430. The stock’s fifty day moving average is $253.54 and its 200 day moving average is $223.19. The stock has a market cap of $6.44 billion, a PE ratio of 62.14 and a beta of 1.46. The company has a debt-to-equity ratio of 0.29, a quick ratio of 80.69 and a current ratio of 80.69. Innovative Industrial Properties has a 12 month low of $146.81 and a 12 month high of $288.02.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 15th. Stockholders of record on Thursday, September 30th were issued a $1.50 dividend. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Wednesday, September 29th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.23%. Innovative Industrial Properties’s dividend payout ratio is currently 138.57%.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New York, North Dakota, Ohio, and Pennsylvania.

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Earnings History and Estimates for Innovative Industrial Properties (NYSE:IIPR)

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