Brokers Set Expectations for IIPR FY2024 Earnings

Innovative Industrial Properties, Inc. (NYSE:IIPR) – Roth Capital issued their FY2024 EPS estimates for shares of Innovative Industrial Properties in a report issued on Monday, November 11th. Roth Capital analyst W. Kirk anticipates that the company will earn $8.36 per share for the year. Roth Capital currently has a “Strong-Buy” rating on the stock. The consensus estimate for Innovative Industrial Properties’ current full-year earnings is $8.40 per share. Roth Capital also issued estimates for Innovative Industrial Properties’ Q4 2024 earnings at $2.07 EPS, Q1 2025 earnings at $2.10 EPS, Q2 2025 earnings at $2.15 EPS, Q3 2025 earnings at $2.16 EPS, Q4 2025 earnings at $2.16 EPS and FY2025 earnings at $8.57 EPS.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. Innovative Industrial Properties’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.29 earnings per share.

A number of other analysts also recently issued reports on the stock. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Roth Mkm raised their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research note on Friday, November 8th. Finally, Piper Sandler cut their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $127.67.

Innovative Industrial Properties Trading Up 0.5 %

Innovative Industrial Properties stock opened at $103.56 on Wednesday. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.93 billion, a PE ratio of 18.41 and a beta of 1.37. The stock’s 50 day simple moving average is $128.67 and its two-hundred day simple moving average is $118.63. Innovative Industrial Properties has a 12 month low of $77.88 and a 12 month high of $138.35.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 7.34%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Innovative Industrial Properties by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock worth $456,705,000 after acquiring an additional 28,111 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Innovative Industrial Properties by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after purchasing an additional 10,711 shares during the period. Bank of New York Mellon Corp increased its position in shares of Innovative Industrial Properties by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after purchasing an additional 10,615 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after buying an additional 45,779 shares during the last quarter. Finally, Tidal Investments LLC boosted its stake in Innovative Industrial Properties by 1,465.1% during the first quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock worth $24,532,000 after buying an additional 221,791 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

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.