Independence Realty Trust (NYSE:IRT) Announces Earnings Results

Independence Realty Trust (NYSE:IRT) posted its earnings results on Monday. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.29, Zacks reports. Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%. The firm had revenue of $171.96 million for the quarter, compared to the consensus estimate of $171.43 million. During the same quarter in the prior year, the business posted $0.29 earnings per share.

Independence Realty Trust Stock Performance

Shares of IRT stock opened at $15.00 on Tuesday. Independence Realty Trust has a 52-week low of $14.33 and a 52-week high of $17.79. The company has a market capitalization of $3.54 billion, a PE ratio of 83.32 and a beta of 0.96. The business’s fifty day moving average is $15.15 and its 200 day moving average is $16.06.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 23rd. Stockholders of record on Wednesday, September 30th were issued a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.72 annualized dividend and a dividend yield of 4.8%. Independence Realty Trust’s dividend payout ratio is presently 400.00%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on IRT. Citigroup reiterated a “market outperform” rating on shares of Independence Realty Trust in a research note on Thursday, September 10th. UBS Group dropped their price objective on Independence Realty Trust from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Wednesday, October 14th. Royal Bank Of Canada raised their target price on Independence Realty Trust from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. Jefferies Financial Group raised Independence Realty Trust to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company decreased their price target on Independence Realty Trust from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Monday, October 19th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.39.

Independence Realty Trust Company Profile

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.