Innovative Industrial Properties, Inc. (NYSE:IIPR) Expected to Announce Quarterly Sales of $68.50 Million

Equities research analysts expect Innovative Industrial Properties, Inc. (NYSE:IIPRGet 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:IIPRGet 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.

Several brokerages recently issued reports on IIPR. Craig Hallum upgraded shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $175.00 target price on the stock in a report on Monday, May 9th. BTIG Research restated a “buy” rating and issued a $290.00 target price on shares of Innovative Industrial Properties in a report on Friday, April 1st. Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “sell” rating to a “hold” rating in a report on Monday, April 25th. Finally, StockNews.com started coverage on shares of Innovative Industrial Properties in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Buy” and a consensus target price of $257.14.

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.

Featured Stories

Get a free copy of the Zacks research report on Innovative Industrial Properties (IIPR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Innovative Industrial Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Innovative Industrial Properties and related companies with MarketBeat.com's FREE daily email newsletter.