Independence Realty Trust (NYSE:IRT) Updates FY 2024 Earnings Guidance

Independence Realty Trust (NYSE:IRT) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 1.120-1.160 for the period, compared to the consensus estimate of 1.140. The company issued revenue guidance of -.

Independence Realty Trust Stock Performance

NYSE IRT traded down $0.13 during trading hours on Thursday, reaching $15.63. 1,553,683 shares of the company’s stock were exchanged, compared to its average volume of 2,297,004. The company’s 50-day moving average is $15.65 and its two-hundred day moving average is $14.77. Independence Realty Trust has a one year low of $11.61 and a one year high of $18.77. The company has a market capitalization of $3.52 billion, a price-to-earnings ratio of -222.54, a price-to-earnings-growth ratio of 2.29 and a beta of 1.07.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 19th. Stockholders of record on Friday, March 29th were paid a dividend of $0.16 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.64 annualized dividend and a dividend yield of 4.09%. Independence Realty Trust’s dividend payout ratio is currently -914.16%.

Wall Street Analyst Weigh In

Several research firms have recently commented on IRT. Royal Bank of Canada increased their price objective on Independence Realty Trust from $16.00 to $17.00 and gave the company an outperform rating in a report on Friday, February 16th. JMP Securities increased their price objective on Independence Realty Trust from $15.00 to $17.00 and gave the company a market outperform rating in a report on Wednesday, March 6th. TheStreet downgraded Independence Realty Trust from a c rating to a d+ rating in a report on Friday, March 1st. Barclays cut their price objective on Independence Realty Trust from $22.00 to $18.00 and set an overweight rating for the company in a report on Tuesday, February 20th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Independence Realty Trust in a research report on Tuesday, January 30th. They issued a buy rating and a $18.00 price target on the stock. Two investment analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $17.00.

About Independence Realty Trust

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.