Independence Realty Trust (NYSE:IRT) Announces Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Independence Realty Trust (NYSE:IRT) released its quarterly earnings data on Monday. The real estate investment trust reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06, FiscalAI reports. The company had revenue of $172.11 million during the quarter, compared to analysts’ expectations of $171.43 million. Independence Realty Trust had a net margin of 6.52% and a return on equity of 1.22%.

Independence Realty Trust Trading Up 1.9%

IRT traded up $0.28 during trading on Monday, hitting $15.00. 3,049,921 shares of the company’s stock were exchanged, compared to its average volume of 2,949,638. Independence Realty Trust has a 1 year low of $14.33 and a 1 year high of $17.79. The firm has a market cap of $3.54 billion, a P/E ratio of 83.32 and a beta of 0.96. The stock has a 50 day moving average price of $15.18 and a 200 day moving average price of $16.07.

Independence Realty Trust Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on IRT. Citigroup reiterated a “market outperform” rating on shares of Independence Realty Trust in a report 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 for the company in a research note on Wednesday, October 14th. Royal Bank Of Canada boosted their price objective on Independence Realty Trust from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. Weiss Ratings upgraded shares of Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Finally, Citizens Jmp restated a “market outperform” rating and issued a $22.00 price objective on shares of Independence Realty Trust in a research note on Thursday, September 10th. One research 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. Based on data from MarketBeat.com, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus target price 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.