Brokerages forecast that Independence Realty Trust (NYSE:IRT) will report $0.18 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Independence Realty Trust’s earnings, with the lowest EPS estimate coming in at $0.18 and the highest estimate coming in at $0.19. Independence Realty Trust reported earnings of $0.19 per share in the same quarter last year, which indicates a negative year-over-year growth rate of 5.3%. The business is expected to issue its next earnings report on Tuesday, August 7th.
On average, analysts expect that Independence Realty Trust will report full year earnings of $0.74 per share for the current fiscal year, with EPS estimates ranging from $0.72 to $0.76. For the next year, analysts expect that the company will post earnings of $0.80 per share, with EPS estimates ranging from $0.75 to $0.86. Zacks Investment Research’s earnings per share 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 issued its quarterly earnings results on Wednesday, April 25th. The real estate investment trust reported $0.04 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.14). Independence Realty Trust had a return on equity of 4.82% and a net margin of 17.65%. The business had revenue of $45.62 million for the quarter, compared to analysts’ expectations of $44.29 million.
A number of brokerages have recently weighed in on IRT. Zacks Investment Research lowered Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 25th. 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. ValuEngine lowered Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Finally, B. Riley set a $12.00 target price on Independence Realty Trust and gave the stock a “buy” rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $11.14.
In other news, CEO Scott Schaeffer bought 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was purchased at an average price of $8.33 per share, with a total value of $124,950.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.61% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its holdings in shares of Independence Realty Trust by 2.3% during the first quarter. BlackRock Inc. now owns 12,467,747 shares of the real estate investment trust’s stock worth $114,452,000 after purchasing an additional 278,919 shares during the period. Principal Financial Group Inc. lifted its holdings in Independence Realty Trust by 28.0% in 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 acquiring an additional 715,305 shares during the period. Jennison Associates LLC lifted its holdings in Independence Realty Trust by 25.9% in the fourth quarter. Jennison Associates LLC now owns 1,573,435 shares of the real estate investment trust’s stock valued at $15,876,000 after acquiring an additional 323,435 shares during the period. Global X Management Co. LLC lifted its holdings in Independence Realty Trust by 28.7% in the first quarter. Global X Management Co. LLC now owns 1,390,052 shares of the real estate investment trust’s stock valued at $12,761,000 after acquiring an additional 310,224 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Independence Realty Trust by 1.2% in the fourth quarter. Bank of New York Mellon Corp now owns 1,327,132 shares of the real estate investment trust’s stock valued at $13,390,000 after acquiring an additional 15,423 shares during the period. 76.82% of the stock is owned by hedge funds and other institutional investors.
Shares of IRT stock opened at $9.34 on Friday. Independence Realty Trust has a fifty-two week low of $9.34 and a fifty-two week high of $9.49. The stock has a market cap of $824.51 million, a PE ratio of 12.81 and a beta of 0.86. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.29 and a current ratio of 0.29.
The company also recently announced a quarterly dividend, which was paid on Friday, April 20th. Investors of record on Wednesday, April 4th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.71%. The ex-dividend date of this dividend was Tuesday, April 3rd. Independence Realty Trust’s dividend payout ratio (DPR) is 295.89%.
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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