Innovative Industrial Properties (NYSE:IIPR) Posts Earnings Results, Misses Estimates By $0.02 EPS

Innovative Industrial Properties (NYSE:IIPR) announced its quarterly earnings data on Monday. The company reported $1.71 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by ($0.02), Zacks reports. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%.

Innovative Industrial Properties Stock Down 1.2%

Innovative Industrial Properties stock traded down $0.61 during trading on Monday, reaching $49.54. The stock had a trading volume of 527,592 shares, compared to its average volume of 318,051. Innovative Industrial Properties has a 52-week low of $45.44 and a 52-week high of $134.31. The business has a 50 day moving average price of $54.88 and a 200 day moving average price of $54.65. The company has a quick ratio of 10.30, a current ratio of 10.30 and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.39 billion, a PE ratio of 10.72 and a beta of 1.64.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $1.90 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 15.3%. Innovative Industrial Properties’s payout ratio is currently 164.50%.

Institutional Trading of Innovative Industrial Properties

Several institutional investors have recently modified their holdings of IIPR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Innovative Industrial Properties by 229.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company’s stock worth $15,906,000 after buying an additional 200,652 shares during the last quarter. Millennium Management LLC lifted its position in shares of Innovative Industrial Properties by 1,131.0% during the 1st quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock worth $8,520,000 after buying an additional 144,714 shares during the last quarter. Invesco Ltd. lifted its position in shares of Innovative Industrial Properties by 40.5% during the 2nd quarter. Invesco Ltd. now owns 382,133 shares of the company’s stock worth $21,101,000 after buying an additional 110,236 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Innovative Industrial Properties by 1,132.5% during the 2nd quarter. First Trust Advisors LP now owns 70,894 shares of the company’s stock worth $3,915,000 after buying an additional 65,142 shares during the last quarter. Finally, Brevan Howard Capital Management LP purchased a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth approximately $1,986,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Saturday, October 25th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $78.67.

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.