Brokerages expect Independence Realty Trust (NYSE:IRT) to announce sales of $44.29 million for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Independence Realty Trust’s earnings, with the highest sales estimate coming in at $46.32 million and the lowest estimate coming in at $40.52 million. Independence Realty Trust posted sales of $38.90 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 13.9%. The company is scheduled to report its next earnings results on Tuesday, May 1st.
According to Zacks, analysts expect that Independence Realty Trust will report full year sales of $44.29 million for the current fiscal year, with estimates ranging from $164.29 million to $190.24 million. For the next financial year, analysts forecast that the business will post sales of $189.63 million per share, with estimates ranging from $169.49 million to $204.17 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Independence Realty Trust.
Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $0.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.01). The company had revenue of $42.31 million for the quarter, compared to analysts’ expectations of $43.59 million. Independence Realty Trust had a net margin of 18.80% and a return on equity of 5.17%. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.17 EPS.
IRT has been the topic of several research reports. Zacks Investment Research upgraded shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, January 9th. ValuEngine upgraded shares of Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 31st. B. Riley set a $12.00 target price on shares of Independence Realty Trust and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Finally, Robert W. Baird set a $10.00 target price on shares of Independence Realty Trust and gave the stock a “buy” rating in a research report on Friday, March 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $11.29.
Shares of Independence Realty Trust stock traded up $0.02 on Tuesday, hitting $9.47. 407,012 shares of the company traded hands, compared to its average volume of 652,727. 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 stock has a market cap of $811.39, a P/E ratio of 13.00 and a beta of 0.86. Independence Realty Trust has a 12-month low of $8.26 and a 12-month high of $10.63.
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 20th. Investors of record on Wednesday, April 4th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 7.60%. The ex-dividend date of this dividend is Tuesday, April 3rd. Independence Realty Trust’s payout ratio is presently 295.89%.
In other Independence Realty Trust news, CEO Scott Schaeffer bought 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were bought at an average price of $8.33 per share, for a total transaction of $124,950.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.61% of the stock is owned by company insiders.
A number of institutional investors have recently made changes to their positions in IRT. Nationwide Fund Advisors grew its holdings in Independence Realty Trust by 6.0% in the 3rd quarter. Nationwide Fund Advisors now owns 122,466 shares of the real estate investment trust’s stock worth $1,245,000 after acquiring an additional 6,891 shares during the last quarter. Municipal Employees Retirement System of Michigan grew its holdings in Independence Realty Trust by 85.6% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 26,020 shares of the real estate investment trust’s stock worth $265,000 after acquiring an additional 12,000 shares during the last quarter. Rhumbline Advisers grew its holdings in Independence Realty Trust by 12.4% in the 3rd quarter. Rhumbline Advisers now owns 147,142 shares of the real estate investment trust’s stock worth $1,496,000 after acquiring an additional 16,282 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Independence Realty Trust by 9.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,311,709 shares of the real estate investment trust’s stock worth $13,340,000 after acquiring an additional 110,394 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in Independence Realty Trust in the 3rd quarter worth $105,000. 79.85% of the stock is currently owned by institutional investors and hedge funds.
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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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