Independence Realty Trust (NYSE:IRT) Announces Quarterly Earnings Results

Independence Realty Trust (NYSE:IRT) issued its quarterly earnings data on Monday. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.02), FiscalAI reports. The company had revenue of $167.24 million for the quarter, compared to the consensus estimate of $166.93 million. Independence Realty Trust had a return on equity of 1.35% and a net margin of 7.27%.

Independence Realty Trust Price Performance

IRT stock traded up $0.13 during mid-day trading on Monday, reaching $16.76. The company had a trading volume of 3,056,073 shares, compared to its average volume of 2,737,076. The stock has a 50 day simple moving average of $16.61 and a two-hundred day simple moving average of $16.33. The company has a market capitalization of $3.95 billion, a price-to-earnings ratio of 83.80 and a beta of 0.94. Independence Realty Trust has a 52 week low of $14.60 and a 52 week high of $18.18.

Independence Realty Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 4.3%. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Friday, June 26th. Independence Realty Trust’s payout ratio is currently 360.00%.

Institutional Investors Weigh In On Independence Realty Trust

Large investors have recently made changes to their positions in the stock. Magnetar Financial LLC increased its holdings in Independence Realty Trust by 188.0% during the third quarter. Magnetar Financial LLC now owns 33,012 shares of the real estate investment trust’s stock worth $541,000 after buying an additional 21,549 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in Independence Realty Trust by 36.5% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,952 shares of the real estate investment trust’s stock valued at $506,000 after acquiring an additional 7,741 shares during the last quarter. Quantinno Capital Management LP grew its position in shares of Independence Realty Trust by 51.7% in the 2nd quarter. Quantinno Capital Management LP now owns 26,571 shares of the real estate investment trust’s stock valued at $470,000 after acquiring an additional 9,054 shares during the period. CIBC Bancorp USA Inc. acquired a new position in shares of Independence Realty Trust during the 3rd quarter worth about $411,000. Finally, Integrated Wealth Concepts LLC increased its stake in shares of Independence Realty Trust by 24.7% during the 4th quarter. Integrated Wealth Concepts LLC now owns 23,336 shares of the real estate investment trust’s stock worth $408,000 after purchasing an additional 4,617 shares during the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on IRT. UBS Group reduced their price objective on Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, May 14th. Wells Fargo & Company lifted their target price on Independence Realty Trust from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. Barclays upgraded Independence Realty Trust from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $19.00 to $20.00 in a research note on Tuesday, July 14th. Weiss Ratings raised Independence Realty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, July 6th. Finally, Wall Street Zen cut shares of Independence Realty Trust from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.64.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.