Equities research analysts predict that Independence Realty Trust (NYSE:IRT) will post sales of $45.24 million for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Independence Realty Trust’s earnings, with the highest sales estimate coming in at $47.50 million and the lowest estimate coming in at $41.00 million. Independence Realty Trust posted sales of $39.43 million during the same quarter last year, which would indicate a positive year over year growth rate of 14.7%. The firm is expected to report its next quarterly earnings report on Tuesday, August 7th.
On average, analysts expect that Independence Realty Trust will report full year sales of $181.55 million for the current fiscal year, with estimates ranging from $164.29 million to $189.90 million. For the next year, analysts forecast that the firm will post sales of $190.86 million per share, with estimates ranging from $169.49 million to $203.92 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Independence Realty Trust.
Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, April 25th. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.14). The firm had revenue of $45.62 million during the quarter, compared to analysts’ expectations of $44.29 million. Independence Realty Trust had a return on equity of 4.82% and a net margin of 17.65%.
IRT has been the topic of a number of research reports. B. Riley dropped their price target on Independence Realty Trust from $11.50 to $11.00 and set a “buy” rating on the stock in a research note on Thursday, April 26th. ValuEngine upgraded Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 7th. Robert W. Baird set a $10.00 price target on Independence Realty Trust and gave the stock a “buy” rating in a research note on Friday, March 2nd. Finally, Zacks Investment Research downgraded Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Independence Realty Trust has an average rating of “Hold” and a consensus price target of $11.14.
Shares of Independence Realty Trust traded down $0.02, reaching $9.19, on Monday, Marketbeat.com reports. The stock had a trading volume of 507,314 shares, compared to its average volume of 446,558. The company has a market cap of $801.03 million, a P/E ratio of 12.59 and a beta of 0.86. Independence Realty Trust has a 1 year low of $8.26 and a 1 year high of $10.63. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.29 and a quick ratio of 0.29.
The business also recently announced a quarterly dividend, which was paid on Friday, April 20th. Investors of record on Wednesday, April 4th were given a dividend of $0.18 per share. The ex-dividend date was Tuesday, April 3rd. This represents a $0.72 annualized dividend and a yield of 7.83%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 295.89%.
In related news, CEO Scott Schaeffer bought 15,000 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were bought at an average cost of $8.33 per share, for a total transaction of $124,950.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.61% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRT. Blue Chip Wealth Management Inc. purchased a new position in Independence Realty Trust during the first quarter valued at $13,779,000. BlackRock Inc. lifted its position in Independence Realty Trust by 11.0% during the fourth quarter. BlackRock Inc. now owns 12,188,828 shares of the real estate investment trust’s stock valued at $122,984,000 after purchasing an additional 1,206,269 shares in the last quarter. Centaurus Financial Inc. purchased a new position in Independence Realty Trust during the fourth quarter valued at $8,736,000. Principal Financial Group Inc. lifted its position in Independence Realty Trust by 28.0% during the first quarter. Principal Financial Group Inc. now owns 3,267,283 shares of the real estate investment trust’s stock valued at $29,994,000 after purchasing an additional 715,305 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Independence Realty Trust by 121.7% during the fourth quarter. Renaissance Technologies LLC now owns 994,095 shares of the real estate investment trust’s stock valued at $10,030,000 after purchasing an additional 545,700 shares in the last quarter. Institutional investors own 76.82% of the company’s stock.
About Independence Realty Trust
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 55 multifamily apartment properties, totaling 15,045 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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