Innovative Industrial Properties, Inc. (IIPR) closed at $93.48 in the latest trading session, marking a -0.65% move from the prior day. This change lagged the S&P 500's 0.31% gain on the day. Meanwhile, the Dow gained 0.44%, and the Nasdaq, a tech-heavy index, added 0.26%.
Prior to today's trading, shares of the company had gained 24.01% over the past month. This has outpaced the Finance sector's loss of 1.01% and the S&P 500's gain of 1.18% in that time.
Wall Street will be looking for positivity from IIPR as it approaches its next earnings report date.
Investors should also note any recent changes to analyst estimates for IIPR. These revisions typically reflect the latest short-term business trends, which can change frequently. 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 remained stagnant. IIPR is currently a Zacks Rank #3 (Hold).
Investors should also note IIPR's current valuation metrics, including its Forward P/E ratio of 19.48. Its industry sports an average Forward P/E of 15.63, so we one might conclude that IIPR is trading at a premium comparatively.
The REIT and Equity Trust - Other industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 166, which puts it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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