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Innovative Industrial Properties (IIPR) closed the most recent trading day at $71.68, moving -1.88% from the previous trading session. This change lagged the S&P 500's daily loss of 0.51%. Meanwhile, the Dow lost 0.75%, and the Nasdaq, a tech-heavy index, lost 0.28%.
Coming into today, shares of the company had gained 7.74% in the past month. In that same time, the Finance sector gained 5.73%, while the S&P 500 gained 2.87%.
The investment community will be closely monitoring the performance of Innovative Industrial Properties in its forthcoming earnings report. The company is predicted to post an EPS of $2.22, indicating a 2.63% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $76.01 million, down 3.98% from the year-ago period.
Investors should also take note of any recent adjustments to analyst estimates for Innovative Industrial Properties. These latest adjustments often mirror the shifting dynamics of short-term business patterns. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. Over the past month, the Zacks Consensus EPS estimate has shifted 6.59% downward. Innovative Industrial Properties presently features a Zacks Rank of #5 (Strong Sell).
Looking at its valuation, Innovative Industrial Properties is holding a Forward P/E ratio of 8.49. This represents a discount compared to its industry's average Forward P/E of 11.51.
The REIT and Equity Trust - Other industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 150, placing it within the bottom 41% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.