Innovative Industrial Properties (IIPR) closed at $47.86 in the latest trading session, marking a -1.85% move from the prior day. The stock's performance was behind the S&P 500's daily loss of 0.01%. At the same time, the Dow added 0.03%, and the tech-heavy Nasdaq gained 0.17%.
Shares of the company have depreciated by 2.13% over the course of the past month, underperforming the Finance sector's loss of 0.23%, and the S&P 500's gain of 0.78%.
Analysts and investors alike will be keeping a close eye on the performance of Innovative Industrial Properties in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $1.81, reflecting a 18.47% decrease from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $66.45 million, down 13.41% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $7.14 per share and a revenue of $265.75 million, demonstrating changes of -20.49% and 0%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Innovative Industrial Properties. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Currently, Innovative Industrial Properties is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, Innovative Industrial Properties is presently being traded at a Forward P/E ratio of 6.65. This expresses a discount compared to the average Forward P/E of 11.28 of its industry.
The REIT and Equity Trust - Other industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 161, placing it within the bottom 35% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Innovative Industrial Properties, Inc. (IIPR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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