Independence Realty Trust (NYSE:IRT) Posts Quarterly Earnings Results, Hits Estimates

Independence Realty Trust (NYSE:IRT) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $0.32 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.32, Zacks reports. The firm had revenue of $167.13 million for the quarter, compared to analysts’ expectations of $170.26 million. Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS.

Independence Realty Trust Trading Down 3.3%

IRT traded down $0.56 during trading hours on Thursday, hitting $16.27. The company’s stock had a trading volume of 990,974 shares, compared to its average volume of 2,568,149. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of 162.47, a P/E/G ratio of 2.08 and a beta of 1.00. The business’s 50-day moving average price is $17.00 and its 200-day moving average price is $16.90. Independence Realty Trust has a 12 month low of $15.06 and a 12 month high of $21.86.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 23rd. Investors of record on Wednesday, December 31st were issued a $0.17 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.2%. Independence Realty Trust’s dividend payout ratio (DPR) is 680.00%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Colliers Securities cut shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research note on Thursday, December 4th. BMO Capital Markets upgraded Independence Realty Trust from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $20.00 to $22.00 in a research note on Friday, January 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Independence Realty Trust in a research note on Monday, December 29th. Wall Street Zen downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Finally, KeyCorp dropped their price target on Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, December 4th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.35.

Institutional Trading of Independence Realty Trust

Hedge funds have recently made changes to their positions in the business. Danske Bank A S purchased a new position in Independence Realty Trust in the third quarter worth about $26,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Independence Realty Trust by 1,420.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,329 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 3,110 shares during the period. Advisory Services Network LLC purchased a new position in shares of Independence Realty Trust in the 3rd quarter worth approximately $64,000. Sunbelt Securities Inc. raised its holdings in Independence Realty Trust by 37.5% during the 3rd quarter. Sunbelt Securities Inc. now owns 4,270 shares of the real estate investment trust’s stock valued at $70,000 after buying an additional 1,165 shares during the period. Finally, Parallel Advisors LLC lifted its position in Independence Realty Trust by 217.2% in the fourth quarter. Parallel Advisors LLC now owns 4,698 shares of the real estate investment trust’s stock worth $82,000 after buying an additional 3,217 shares during the last quarter. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.