Independence Realty Trust (NYSE:IRT) Posts Earnings Results, Misses Expectations By $0.18 EPS

Independence Realty Trust (NYSE:IRT) released its earnings results on Monday. The real estate investment trust reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.18), FiscalAI reports. The business had revenue of $171.96 million for the quarter, compared to analysts’ expectations of $171.43 million. Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%. During the same period in the previous year, the company earned $0.29 EPS.

Independence Realty Trust Price Performance

NYSE:IRT opened at $15.00 on Tuesday. Independence Realty Trust has a 12 month low of $14.33 and a 12 month high of $17.79. The firm has a market capitalization of $3.54 billion, a PE ratio of 83.32 and a beta of 0.96. The business’s 50-day moving average is $15.15 and its two-hundred day moving average is $16.06.

Independence Realty Trust Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Jefferies Financial Group upgraded Independence Realty Trust to a “strong-buy” rating in a report on Wednesday, July 22nd. UBS Group cut their target price on Independence Realty Trust from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Wednesday, October 14th. Citigroup reissued a “market outperform” rating on shares of Independence Realty Trust in a report on Thursday, September 10th. Wall Street Zen upgraded shares of Independence Realty Trust from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. Finally, Citizens Jmp restated a “market outperform” rating and set a $22.00 price target on shares of Independence Realty Trust in a research note on Thursday, September 10th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.39.

About Independence Realty Trust

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.