Independence Realty Trust Inc (IRT) Expected to Announce Earnings of $0.19 Per Share
Brokerages forecast that Independence Realty Trust Inc (NYSE:IRT) will post $0.19 earnings per share for the current quarter, Zacks reports. Five analysts have issued estimates for Independence Realty Trust’s earnings. The highest EPS estimate is $0.19 and the lowest is $0.18. Independence Realty Trust posted earnings of $0.18 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 5.6%. The company is scheduled to issue its next quarterly earnings report before the market opens on Thursday, February 21st.
On average, analysts expect that Independence Realty Trust will report full-year earnings of $0.74 per share for the current fiscal year. For the next year, analysts forecast that the company will post earnings of $0.80 per share, with EPS estimates ranging from $0.77 to $0.84. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side analysts that cover Independence Realty Trust.
IRT has been the topic of several research reports. Zacks Investment Research raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, November 20th. Boenning Scattergood set a $11.00 price objective on shares of Independence Realty Trust and gave the stock a “buy” rating in a research note on Friday, November 2nd. Finally, ValuEngine raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a research note on Wednesday, January 16th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $10.75.
The company also recently announced a quarterly dividend, which was paid on Thursday, January 24th. Shareholders of record on Thursday, December 27th were issued a $0.18 dividend. The ex-dividend date was Wednesday, December 26th. This represents a $0.72 annualized dividend and a yield of 6.88%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 98.63%.
A number of institutional investors have recently modified their holdings of IRT. Mirae Asset Global Investments Co. Ltd. purchased a new position in Independence Realty Trust in the third quarter worth about $16,766,000. Vision Capital Corp purchased a new position in Independence Realty Trust in the fourth quarter worth about $9,504,000. BlackRock Inc. raised its holdings in Independence Realty Trust by 6.8% in the third quarter. BlackRock Inc. now owns 15,592,744 shares of the real estate investment trust’s stock worth $164,192,000 after buying an additional 996,693 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Independence Realty Trust by 45.2% in the third quarter. Renaissance Technologies LLC now owns 2,737,300 shares of the real estate investment trust’s stock worth $28,824,000 after buying an additional 852,300 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Independence Realty Trust by 39.6% in the second quarter. Northern Trust Corp now owns 1,929,403 shares of the real estate investment trust’s stock worth $19,892,000 after buying an additional 547,081 shares during the last quarter. 85.56% of the stock is owned by institutional investors and hedge funds.
About Independence Realty Trust
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 59 multifamily apartment properties, totaling 16,120 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.
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