Independence Realty Trust (NYSE:IRT) Issues Earnings Results

Independence Realty Trust (NYSE:IRT) released its earnings results on Monday. The real estate investment trust reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06, FiscalAI reports. Independence Realty Trust had a net margin of 6.52% and a return on equity of 1.22%. The firm had revenue of $172.11 million during the quarter, compared to the consensus estimate of $171.43 million.

Independence Realty Trust Price Performance

Shares of IRT traded up $0.28 during midday trading on Monday, hitting $15.00. 3,049,921 shares of the company traded hands, compared to its average volume of 2,949,638. The stock has a 50-day moving average of $15.15 and a 200-day moving average of $16.06. Independence Realty Trust has a one year low of $14.33 and a one year high of $17.79. The firm has a market cap of $3.54 billion, a P/E ratio of 83.32 and a beta of 0.96.

Independence Realty Trust Dividend Announcement

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

Analysts Set New Price Targets

IRT has been the topic of a number of research reports. Weiss Ratings raised shares of Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Wells Fargo & Company dropped their price objective on Independence Realty Trust from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Monday, October 19th. Barclays reduced their price objective on Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Wednesday, October 14th. Royal Bank Of Canada raised their target price on Independence Realty Trust from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. Finally, Citizens Jmp reissued a “market outperform” rating and issued a $22.00 target price on shares of Independence Realty Trust in a research report on Thursday, September 10th. One research 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus 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.