Independence Realty Trust, Inc. (NYSE:IRT) Expected to Post Quarterly Sales of $153.94 Million

Equities analysts predict that Independence Realty Trust, Inc. (NYSE:IRTGet Rating) will report $153.94 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Independence Realty Trust’s earnings. The highest sales estimate is $154.60 million and the lowest is $153.60 million. Independence Realty Trust reported sales of $57.44 million during the same quarter last year, which would suggest a positive year over year growth rate of 168%. The business is expected to announce its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Independence Realty Trust will report full year sales of $621.44 million for the current year, with estimates ranging from $619.12 million to $625.10 million. For the next fiscal year, analysts forecast that the business will report sales of $667.21 million, with estimates ranging from $660.14 million to $678.50 million. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Independence Realty Trust.

Independence Realty Trust (NYSE:IRTGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.34 EPS for the quarter, topping the consensus estimate of $0.25 by $0.09. Independence Realty Trust had a net margin of 34.18% and a return on equity of 5.34%. During the same quarter in the previous year, the business posted $0.18 earnings per share.

Several research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Independence Realty Trust from $29.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, March 24th. BTIG Research assumed coverage on shares of Independence Realty Trust in a research note on Monday, May 9th. They set a “buy” rating and a $27.00 price objective on the stock. Barclays reduced their price objective on shares of Independence Realty Trust from $30.00 to $28.00 in a research note on Tuesday, May 10th. Jefferies Financial Group started coverage on shares of Independence Realty Trust in a research note on Friday, April 22nd. They issued a “buy” rating and a $32.00 price target on the stock. Finally, StockNews.com started coverage on shares of Independence Realty Trust in a research note on Thursday, March 31st. They issued a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $27.25.

Shares of NYSE:IRT traded up $0.16 during trading on Friday, hitting $23.21. 31,503 shares of the company’s stock were exchanged, compared to its average volume of 4,787,787. The firm has a 50-day moving average price of $25.58 and a two-hundred day moving average price of $24.83. Independence Realty Trust has a 1-year low of $16.50 and a 1-year high of $28.42. The firm has a market cap of $5.13 billion, a P/E ratio of 32.47, a PEG ratio of 10.65 and a beta of 0.87.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 22nd. Investors of record on Friday, July 1st will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.41%. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, June 30th. Independence Realty Trust’s payout ratio is presently 67.61%.

Institutional investors and hedge funds have recently modified their holdings of the stock. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Independence Realty Trust in the fourth quarter valued at $26,000. Investment Research & Advisory Group Inc. acquired a new position in shares of Independence Realty Trust in the first quarter valued at $26,000. Resources Management Corp CT ADV bought a new stake in shares of Independence Realty Trust in the fourth quarter valued at about $27,000. Focused Wealth Management Inc bought a new stake in shares of Independence Realty Trust in the first quarter valued at about $27,000. Finally, Center for Financial Planning Inc. bought a new stake in shares of Independence Realty Trust in the fourth quarter valued at about $29,000. Institutional investors and hedge funds own 82.42% of the company’s stock.

Independence Realty Trust Company Profile (Get Rating)

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties 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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Earnings History and Estimates for Independence Realty Trust (NYSE:IRT)

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