Independence Realty Trust (NYSE:IRT) Announces Earnings Results, Misses Expectations By $0.18 EPS

Independence Realty Trust (NYSE:IRT) issued its quarterly earnings results on Wednesday. The real estate investment trust reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.18), FiscalAI reports. Independence Realty Trust had a net margin of 3.42% and a return on equity of 0.62%. The business had revenue of $167.13 million for the quarter, compared to analysts’ expectations of $170.26 million.

Independence Realty Trust Trading Down 1.4%

Shares of NYSE IRT traded down $0.25 during trading hours on Wednesday, reaching $16.81. The stock had a trading volume of 3,581,594 shares, compared to its average volume of 2,571,475. The firm has a market cap of $4.02 billion, a price-to-earnings ratio of 168.16, a P/E/G ratio of 2.04 and a beta of 1.00. Independence Realty Trust has a 52-week low of $15.06 and a 52-week high of $21.86. The business’s fifty day moving average price is $17.01 and its two-hundred day moving average price is $16.90.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 23rd. Shareholders of record on Wednesday, December 31st were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Wednesday, December 31st. Independence Realty Trust’s dividend payout ratio is currently 680.00%.

Hedge Funds Weigh In On Independence Realty Trust

Large investors have recently added to or reduced their stakes in the company. Metis Global Partners LLC grew its holdings in Independence Realty Trust by 7.3% in the fourth quarter. Metis Global Partners LLC now owns 56,473 shares of the real estate investment trust’s stock worth $987,000 after purchasing an additional 3,851 shares during the last quarter. Deutsche Bank AG raised its stake in shares of Independence Realty Trust by 4.8% during the 4th quarter. Deutsche Bank AG now owns 309,689 shares of the real estate investment trust’s stock valued at $5,413,000 after buying an additional 14,166 shares during the last quarter. Franklin Resources Inc. boosted its position in Independence Realty Trust by 1.2% in the 4th quarter. Franklin Resources Inc. now owns 3,874,647 shares of the real estate investment trust’s stock worth $67,729,000 after purchasing an additional 47,144 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Independence Realty Trust by 2.1% during the 4th quarter. JPMorgan Chase & Co. now owns 2,150,829 shares of the real estate investment trust’s stock worth $37,596,000 after acquiring an additional 44,604 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in shares of Independence Realty Trust by 217.2% in the fourth quarter. Parallel Advisors LLC now owns 4,698 shares of the real estate investment trust’s stock valued at $82,000 after buying an additional 3,217 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on IRT. Citigroup restated an “outperform” rating on shares of Independence Realty Trust in a research report on Friday, January 9th. Barclays raised their price target on Independence Realty Trust from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 25th. BMO Capital Markets raised shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $20.00 to $22.00 in a research note on Friday, January 9th. Wall Street Zen lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 price target for the company. in a research note on Tuesday, January 20th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $21.35.

Independence Realty Trust Company Profile

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.