Equities research analysts expect Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) to post sales of $68.50 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Innovative Industrial Properties’ earnings, with estimates ranging from $68.10 million to $68.90 million. Innovative Industrial Properties reported sales of $48.87 million during the same quarter last year, which indicates a positive year over year growth rate of 40.2%. The firm is scheduled to issue its next quarterly earnings report on Monday, January 1st.
On average, analysts expect that Innovative Industrial Properties will report full year sales of $279.35 million for the current year, with estimates ranging from $276.10 million to $282.60 million. For the next financial year, analysts expect that the firm will report sales of $323.95 million, with estimates ranging from $297.40 million to $350.50 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Innovative Industrial Properties.
Innovative Industrial Properties (NYSE:IIPR – Get Rating) last posted its quarterly earnings results on Wednesday, May 4th. The company reported $1.32 EPS for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.61). Innovative Industrial Properties had a net margin of 54.43% and a return on equity of 7.91%. The firm had revenue of $64.50 million for the quarter, compared to analysts’ expectations of $63.19 million. During the same quarter in the previous year, the company earned $1.47 EPS. The company’s quarterly revenue was up 50.4% compared to the same quarter last year.
In other Innovative Industrial Properties news, Director Gary A. Kreitzer sold 2,200 shares of Innovative Industrial Properties stock in a transaction on Thursday, March 10th. The shares were sold at an average price of $31.52, for a total value of $69,344.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gary A. Kreitzer sold 1,104 shares of Innovative Industrial Properties stock in a transaction on Monday, March 14th. The shares were sold at an average price of $31.05, for a total transaction of $34,279.20. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the business. Covestor Ltd purchased a new position in shares of Innovative Industrial Properties in the 4th quarter worth $25,000. Level Financial Advisors Inc. purchased a new position in shares of Innovative Industrial Properties during the 4th quarter worth about $33,000. Wagner Wealth Management LLC purchased a new position in shares of Innovative Industrial Properties during the 3rd quarter worth about $33,000. Tcwp LLC purchased a new position in shares of Innovative Industrial Properties during the 1st quarter worth about $26,000. Finally, Cornerstone Advisory LLC purchased a new position in shares of Innovative Industrial Properties during the 4th quarter worth about $35,000. 66.91% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:IIPR traded up $3.08 during trading on Friday, reaching $133.09. 249,489 shares of the stock traded hands, compared to its average volume of 295,077. The stock has a 50-day moving average of $162.22 and a two-hundred day moving average of $200.79. Innovative Industrial Properties has a 52-week low of $121.03 and a 52-week high of $288.02. The company has a debt-to-equity ratio of 0.19, a quick ratio of 52.60 and a current ratio of 28.15. The stock has a market cap of $3.72 billion, a P/E ratio of 27.55 and a beta of 1.77.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 14th. Stockholders of record on Thursday, March 31st were given a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 5.26%. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Wednesday, March 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 144.93%.
Innovative Industrial Properties Company Profile (Get Rating)
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 medical-use 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.
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