Independence Realty Trust, Inc. (IRT) to Issue Quarterly Dividend of $0.17 on January 23rd

Independence Realty Trust, Inc. (NYSE:IRT) announced a quarterly dividend on Monday, December 15th. Investors of record on Wednesday, December 31st will be given a dividend of 0.17 per share by the real estate investment trust on Friday, January 23rd. This represents a c) annualized dividend and a yield of 3.9%. The ex-dividend date is Wednesday, December 31st.

Independence Realty Trust has decreased its dividend by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 3 consecutive years. Independence Realty Trust has a dividend payout ratio of 234.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Independence Realty Trust to earn $1.27 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 53.5%.

Independence Realty Trust Stock Up 1.1%

Shares of IRT opened at $17.52 on Monday. The business has a fifty day moving average of $16.63 and a 200 day moving average of $17.03. The company has a market cap of $4.19 billion, a PE ratio of 175.17, a P/E/G ratio of 2.42 and a beta of 1.01. Independence Realty Trust has a 52-week low of $15.06 and a 52-week high of $21.86.

Independence Realty Trust (NYSE:IRT) last announced its earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm had revenue of $167.14 million during the quarter, compared to analysts’ expectations of $168.31 million. Independence Realty Trust had a net margin of 3.42% and a return on equity of 0.62%. During the same period in the prior year, the company posted $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. As a group, research analysts anticipate that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Independence Realty Trust

Institutional investors and hedge funds have recently bought and sold shares of the company. Solstein Capital LLC purchased a new stake in shares of Independence Realty Trust in the 3rd quarter worth $25,000. Danske Bank A S bought a new stake in shares of Independence Realty Trust in the third quarter valued at about $26,000. First Horizon Corp purchased a new stake in Independence Realty Trust in the third quarter worth about $27,000. Hantz Financial Services Inc. grew its holdings in Independence Realty Trust by 551.2% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,869 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 1,582 shares in the last quarter. Finally, Huntington National Bank grew its holdings in Independence Realty Trust by 46.4% during the 3rd quarter. Huntington National Bank now owns 2,289 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 725 shares in the last quarter. 88.25% of the stock is owned by institutional investors.

About Independence Realty Trust

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.