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National Health Investors, Inc. (NHI) - free report >>
Innovative Industrial Properties, Inc. (IIPR) - free report >>
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National Health Investors, Inc. (NHI) - free report >>
Innovative Industrial Properties, Inc. (IIPR) - free report >>
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Strength Seen in Innovative Industrial Properties (IIPR): Can Its 4.8% Jump Turn into More Strength?
Innovative Industrial Properties (IIPR - Free Report) shares soared 4.8% in the last trading session to close at $103.40. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.2% loss over the past four weeks.
The increased optimism in the stock stems from the recent media news on marijuana. The U.S. Drug Enforcement Administration is planning to reclassify marijuana as a lower-risk drug. It recommends considering marijuana as a less stringent schedule three drug instead of schedule one, which is reserved for drugs with a high potential for abuse.
This company is expected to post quarterly funds from operations (FFO) of $2.27 per share in its upcoming report, which represents a year-over-year change of +0.9%. Revenues are expected to be $79.65 million, up 4.7% from the year-ago quarter.
While FFO and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in FFO estimate revisions and 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 FFO 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. National Health Investors (NHI - Free Report) , another stock in the same industry, closed the last trading session 0.5% higher at $63.06. NHI has returned 1.7% in the past month.
For National Health Investors, the consensus FFO per share estimate for the upcoming report has changed -1% over the past month to $1.05. This represents a change of -5.4% from what the company reported a year ago. National Health Investors currently has a Zacks Rank of #3 (Hold).