Independence Realty Trust Inc. (NYSEMKT:IRT) declared a monthly dividend on Thursday, October 13th. Stockholders of record on Friday, December 30th will be paid a dividend of 0.06 per share by the real estate investment trust on Tuesday, January 17th. This represents a $0.72 annualized dividend and a dividend yield of 8.29%. The ex-dividend date of this dividend is Wednesday, December 28th.

Independence Realty Trust (NYSEMKT:IRT) opened at 8.68 on Friday. Independence Realty Trust has a one year low of $5.97 and a one year high of $10.70. The stock has a 50 day moving average price of $9.49 and a 200 day moving average price of $8.37.

Independence Realty Trust (NYSEMKT:IRT) last released its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.01. The firm earned $38.27 million during the quarter, compared to analysts’ expectations of $38.13 million. The firm’s revenue was up 68.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.19 earnings per share. On average, equities research analysts anticipate that Independence Realty Trust will post $0.85 earnings per share for the current year.

Dividend History for Independence Realty Trust (NYSEMKT:IRT)

In related news, major shareholder Rait Financial Trust sold 7,269,719 shares of Independence Realty Trust stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $8.55, for a total transaction of $62,156,097.45. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Independence Realty Trust by 4.1% in the second quarter. Vanguard Group Inc. now owns 1,249,004 shares of the real estate investment trust’s stock valued at $10,217,000 after buying an additional 49,152 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of Independence Realty Trust by 26.1% in the second quarter. BlackRock Fund Advisors now owns 1,093,003 shares of the real estate investment trust’s stock worth $8,941,000 after buying an additional 225,907 shares in the last quarter. Raymond James & Associates raised its position in shares of Independence Realty Trust by 2.4% in the second quarter. Raymond James & Associates now owns 803,761 shares of the real estate investment trust’s stock worth $6,575,000 after buying an additional 18,698 shares in the last quarter. State Street Corp raised its position in shares of Independence Realty Trust by 28.8% in the second quarter. State Street Corp now owns 784,992 shares of the real estate investment trust’s stock worth $6,419,000 after buying an additional 175,351 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of Independence Realty Trust by 18.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 617,529 shares of the real estate investment trust’s stock worth $5,051,000 after buying an additional 97,311 shares in the last quarter.

Several analysts have commented on the stock. FBR & Co lifted their target price on shares of Independence Realty Trust from $8.00 to $9.50 and gave the stock a “mkt perform” rating in a research note on Thursday, August 4th. Zacks Investment Research cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, October 5th. Finally, TheStreet raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a research note on Monday, September 26th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $10.00.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc is an externally managed and advised apartment real estate investment trust (REIT). The Company’s business consists of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. It owns and operates a portfolio of garden style and mid-rise apartment communities in the Southeastern United States.

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