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Innovative Industrial Properties (IIPR) Stock Jumps 11.9%: Will It Continue to Soar?

Innovative Industrial Properties IIPR shares rallied 11.9% in the last trading session to close at $102.31. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 10.5% loss over the past four weeks.

The increased optimism is attributable to the company’s recent announcement of a 2.9% sequential hike in its third-quarter dividend payment. IIPR increased its dividend payment from $1.75 per share paid in the prior quarter to $1.80. The new dividend will be paid out on Oct 14, to shareholders on record as of Sep 30, 2022.

This company is expected to post quarterly funds from operations (FFO) of $2.14 per share in its upcoming report, which represents a year-over-year change of +25.2%. Revenues are expected to be $69.75 million, up 29.5% from the year-ago quarter.

FFO and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in FFO estimate revisions are strongly correlated with near-term stock price movements.

For Innovative Industrial Properties, the consensus FFO per share estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IIPR going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Innovative Industrial Properties is part of the Zacks REIT and Equity Trust - Other industry. Welltower WELL, another stock in the same industry, closed the last trading session 2.2% lower at $71.24. WELL has returned -8.5% in the past month.

For Welltower, the consensus FFO per share estimate for the upcoming report has changed -1.6% over the past month to $0.85. This represents a change of +6.3% from what the company reported a year ago. Welltower currently has a Zacks Rank of #3 (Hold).

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