Innovative Industrial Properties (IIPR) closed at $75.75 in the latest trading session, marking a -0.03% move from the prior day. This move lagged the S&P 500’s daily gain of 0.17%. At the same time, the Dow added 0.6%, and the tech-heavy Nasdaq gained 0.67%.
Heading into today, shares of the company had lost 7.76% over the past month, outpacing the Finance sector’s loss of 8.6% and lagging the S&P 500’s gain of 0.25% in that time.
Innovative Industrial Properties will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $2.04, unchanged from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $70.8 million, up 9.77% from the prior-year quarter.
IIPR’s full-year Zacks Consensus Estimates are calling for earnings of $8.36 per share and revenue of $289.9 million. These results would represent year-over-year changes of -1.07% and +4.9%, respectively.
Investors should also note any recent changes to analyst estimates for Innovative Industrial Properties. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company’s business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.78% higher. Innovative Industrial Properties currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Innovative Industrial Properties is currently trading at a Forward P/E ratio of 9.06. This valuation marks a discount compared to its industry’s average Forward P/E of 10.62.
The REIT and Equity Trust – Other industry is part of the Finance sector. This group has a Zacks Industry Rank of 96, putting it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.