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Innovative Industrial Properties (IIPR) Outpaces Stock Market Gains: What You Should Know

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Innovative Industrial Properties (IIPR - Free Report) closed the most recent trading day at $78.29, moving +1.78% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.71%. At the same time, the Dow added 1.06%, and the tech-heavy Nasdaq gained 4.62%.

Prior to today's trading, shares of the company had gained 3.01% over the past month. This has lagged the Finance sector's gain of 3.08% and outpaced the S&P 500's gain of 2.65% in that time.

Wall Street will be looking for positivity from Innovative Industrial Properties as it approaches its next earnings report date. This is expected to be August 2, 2023. On that day, Innovative Industrial Properties is projected to report earnings of $2.11 per share, which would represent a year-over-year decline of 1.4%. Our most recent consensus estimate is calling for quarterly revenue of $72.1 million, up 2.25% from the year-ago period.

IIPR's full-year Zacks Consensus Estimates are calling for earnings of $8.66 per share and revenue of $293.85 million. These results would represent year-over-year changes of +2.49% and +6.33%, respectively.

It is also important to note the recent changes to analyst estimates for Innovative Industrial Properties. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about 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.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Innovative Industrial Properties is holding a Zacks Rank of #3 (Hold) right now.

Investors should also note Innovative Industrial Properties's current valuation metrics, including its Forward P/E ratio of 8.88. For comparison, its industry has an average Forward P/E of 11.73, which means Innovative Industrial Properties is trading at a discount to the group.

The REIT and Equity Trust - Other industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 116, which puts it in the top 47% 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.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.


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