Innovative Industrial Properties (IIPR) Gains As Market Dips: What You Should Know
In the latest market close, Innovative Industrial Properties (IIPR) reached $71.87, with a +1.18% movement compared to the previous day. The stock exceeded the S&P 500, which registered a loss of 1.18% for the day. Elsewhere, the Dow lost 0.76%, while the tech-heavy Nasdaq lost 1.76%.
The company's shares have seen a decrease of 8.37% over the last month, not keeping up with the Finance sector's loss of 5.47% and the S&P 500's loss of 3.35%.
Investors will be eagerly watching for the performance of Innovative Industrial Properties in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 1, 2023. The company's upcoming EPS is projected at $2.19, signifying a 2.82% increase compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $75.6 million, indicating a 6.66% increase compared to the same quarter of the previous year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $8.88 per share and revenue of $304.15 million. These totals would mark changes of +5.09% and +10.06%, respectively, from last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Innovative Industrial Properties. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Currently, Innovative Industrial Properties is carrying a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Innovative Industrial Properties has a Forward P/E ratio of 8 right now. This signifies a discount in comparison to the average Forward P/E of 9.77 for its industry.
The REIT and Equity Trust - Other industry is part of the Finance sector. With its current Zacks Industry Rank of 192, this industry ranks in the bottom 24% of all industries, numbering over 250.
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.
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 Report
