Independence Realty Trust Inc (NYSE:IRT) announced a quarterly dividend on Wednesday, March 14th, Wall Street Journal reports. Investors of record on Wednesday, April 4th will be given a dividend of 0.18 per share by the real estate investment trust on Friday, April 20th. This represents a $0.72 annualized dividend and a dividend yield of 8.01%. The ex-dividend date of this dividend is Tuesday, April 3rd.
Independence Realty Trust has raised its dividend payment by an average of 0.3% annually over the last three years. Independence Realty Trust has a payout ratio of 97.3% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect Independence Realty Trust to earn $0.81 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 88.9%.
Independence Realty Trust (IRT) traded down $0.01 during trading hours on Wednesday, hitting $8.99. The company had a trading volume of 399,316 shares, compared to its average volume of 654,118. Independence Realty Trust has a 12-month low of $8.26 and a 12-month high of $10.63. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.43 and a current ratio of 0.43. The firm has a market capitalization of $752.77, a PE ratio of 20.91 and a beta of 0.95.
Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). Independence Realty Trust had a net margin of 18.80% and a return on equity of 5.17%. The company had revenue of $42.31 million during the quarter, compared to analyst estimates of $43.59 million. During the same period in the prior year, the business posted $0.17 EPS. Independence Realty Trust’s revenue for the quarter was up 11.3% compared to the same quarter last year. sell-side analysts forecast that Independence Realty Trust will post 0.76 EPS for the current year.
Several research firms recently commented on IRT. Zacks Investment Research cut Independence Realty Trust from a “hold” rating to a “strong sell” rating in a report on Thursday, January 25th. Robert W. Baird set a $10.00 price objective on Independence Realty Trust and gave the stock a “buy” rating in a research report on Friday, March 2nd. KeyCorp initiated coverage on Independence Realty Trust in a research report on Tuesday, December 5th. They issued a “sector weight” rating for the company. ValuEngine upgraded Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, March 7th. Finally, B. Riley set a $12.00 price objective on Independence Realty Trust and gave the stock a “buy” rating in a research report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $11.29.
In other Independence Realty Trust news, CEO Scott Schaeffer acquired 15,000 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was bought at an average cost of $8.33 per share, for a total transaction of $124,950.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.58% of the company’s stock.
About Independence Realty Trust
Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.
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