Independence Realty Trust, Inc. to Issue Monthly Dividend of $0.06 (IRT)
Independence Realty Trust, Inc. (NYSE:IRT) declared a monthly dividend on Friday, October 13th, Wall Street Journal reports. Stockholders of record on Friday, December 29th will be given a dividend of 0.06 per share by the real estate investment trust on Monday, January 15th. This represents a $0.72 annualized dividend and a dividend yield of 6.86%. The ex-dividend date is Thursday, December 28th.
Independence Realty Trust has increased its dividend by an average of 50.0% per year over the last three years. Independence Realty Trust has a payout ratio of 97.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect Independence Realty Trust to earn $0.79 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 91.1%.
Independence Realty Trust (IRT) opened at 10.49 on Friday. Independence Realty Trust has a 1-year low of $7.74 and a 1-year high of $10.58. The stock has a 50 day moving average price of $10.24 and a 200 day moving average price of $9.83. The stock’s market cap is $722.21 million.
Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.01. The firm had revenue of $39.43 million during the quarter, compared to analysts’ expectations of $39.43 million. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 EPS. On average, analysts predict that Independence Realty Trust will post $0.46 EPS for the current fiscal year.
In other news, CEO Scott Schaeffer purchased 35,000 shares of the stock in a transaction on Monday, August 7th. The stock was bought at an average price of $10.12 per share, with a total value of $354,200.00. Following the transaction, the chief executive officer now owns 155,306 shares in the company, valued at approximately $1,571,696.72. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.58% of the company’s stock.
IRT has been the subject of a number of recent analyst reports. JMP Securities reissued an “outperform” rating and issued a $11.50 price objective (up previously from $10.50) on shares of Independence Realty Trust in a research report on Friday, June 30th. FBR & Co reissued an “outperform” rating and issued a $10.75 price objective on shares of Independence Realty Trust in a research report on Tuesday, July 11th. Zacks Investment Research cut Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. ValuEngine cut Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. Finally, Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Independence Realty Trust in a research report on Wednesday, August 2nd. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Independence Realty Trust has a consensus rating of “Buy” and a consensus target price of $10.83.
About Independence Realty Trust
Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.
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