Independence Realty Trust (NYSE:IRT) Posts Quarterly Earnings Results, Misses Estimates By $0.18 EPS

Independence Realty Trust (NYSE:IRT) issued its earnings results on Monday, November 2nd. The real estate investment trust reported $0.11 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.18), FiscalAI reports. Independence Realty Trust had a return on equity of 1.75% and a net margin of 9.19%. The business had revenue of $171.96 million for the quarter, compared to the consensus estimate of $171.43 million. During the same quarter in the prior year, the firm posted $0.29 earnings per share.

Independence Realty Trust Stock Down 0.2%

Shares of IRT traded down $0.04 during trading hours on Tuesday, reaching $15.04. 2,196,014 shares of the company traded hands, compared to its average volume of 2,957,105. The company’s fifty day moving average price is $15.00 and its two-hundred day moving average price is $16.02. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 57.83 and a beta of 0.90. Independence Realty Trust has a 12 month low of $14.33 and a 12 month high of $17.79.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 23rd. Stockholders of record on Wednesday, September 30th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend was Wednesday, September 30th. Independence Realty Trust’s dividend payout ratio (DPR) is currently 276.92%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company lowered their target price on Independence Realty Trust from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Monday, October 19th. Jefferies Financial Group raised shares of Independence Realty Trust to a “strong-buy” rating in a research note on Wednesday, July 22nd. Wall Street Zen raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Saturday. Barclays cut their price objective on shares of Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 14th. Finally, Royal Bank Of Canada increased their price objective on Independence Realty Trust from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

About Independence Realty Trust

Independence Realty Trust, Inc. is a real estate investment trust (REIT) that owns and operates multifamily apartment communities in U.S. markets. Its business centers on providing rental housing and managing residential properties. The company focuses on apartment communities in non-gateway markets, with a portfolio concentrated in regions including the Southeast, Midwest and Mid-Atlantic. Its properties offer apartment homes and resident amenities. Founded in 2009, Independence Realty Trust became publicly traded on the New York Stock Exchange in 2013.