Independence Realty Trust (NYSE:IRT) Releases Earnings Results, Hits Expectations

Independence Realty Trust (NYSE:IRT) posted its earnings results on Monday. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.29, Zacks reports. The company had revenue of $172.11 million for the quarter, compared to analysts’ expectations of $171.43 million. Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%. During the same period last year, the firm earned $0.29 earnings per share.

Independence Realty Trust Stock Up 1.9%

Shares of NYSE:IRT traded up $0.28 during trading on Monday, hitting $15.00. The stock had a trading volume of 3,049,921 shares, compared to its average volume of 2,949,638. Independence Realty Trust has a 12 month low of $14.33 and a 12 month high of $17.79. The company has a market capitalization of $3.54 billion, a PE ratio of 83.32 and a beta of 0.96. The firm’s fifty day moving average is $15.15 and its 200 day moving average is $16.06.

Independence Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 23rd. Shareholders of record on Wednesday, September 30th were issued a dividend of $0.18 per share. The ex-dividend date was Wednesday, September 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.8%. Independence Realty Trust’s dividend payout ratio is 400.00%.

Wall Street Analysts Forecast Growth

IRT has been the subject of a number of recent analyst reports. Weiss Ratings raised Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Wells Fargo & Company cut their price objective on Independence Realty Trust from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Monday, October 19th. Citizens Jmp reissued a “market outperform” rating and set a $22.00 target price on shares of Independence Realty Trust in a research note on Thursday, September 10th. Jefferies Financial Group upgraded Independence Realty Trust to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, UBS Group decreased their target price on Independence Realty Trust from $18.00 to $17.00 and set a “buy” rating for the company in a report on Wednesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Independence Realty Trust has a consensus rating of “Moderate Buy” and an average price target of $19.39.

About Independence Realty Trust

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns, operates and acquires multifamily apartment communities in the United States. The company focuses on providing rental housing, with properties generally located in markets that offer population growth, employment opportunities and attractive long-term housing demand.

IRT’s portfolio is concentrated primarily in the Southeast and other select U.S. growth markets, including communities in states such as Georgia, North Carolina, South Carolina, Tennessee, Florida, Texas and Colorado.