Independence Realty Trust (NYSE:IRT) Announces Earnings Results, Misses Estimates By $0.18 EPS

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, missing analysts’ consensus estimates of $0.29 by ($0.18), FiscalAI reports. The company had revenue of $171.96 million for the quarter, compared to the consensus estimate of $171.43 million. Independence Realty Trust had a net margin of 9.19% and a return on equity of 1.75%. During the same quarter in the previous year, the company posted $0.29 earnings per share.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT opened at $14.99 on Friday. The stock’s 50-day simple moving average is $15.03 and its two-hundred day simple moving average is $16.03. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of 12.99 and a beta of 0.90. Independence Realty Trust has a 52-week low of $14.33 and a 52-week high of $17.79.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 23rd. Stockholders of record on Wednesday, September 30th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend was Wednesday, September 30th. Independence Realty Trust’s dividend payout ratio (DPR) is presently 276.92%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on IRT. UBS Group lowered their price target on shares of Independence Realty Trust from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Wednesday, October 14th. Jefferies Financial Group raised Independence Realty Trust to a “strong-buy” rating in a report on Wednesday, July 22nd. 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. Wells Fargo & Company lowered their target price 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. Finally, Wall Street Zen raised Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.