Zacks: Analysts Expect Independence Realty Trust Inc (IRT) to Post $0.19 Earnings Per Share

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Analysts expect Independence Realty Trust Inc (NYSE:IRT) to report $0.19 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Independence Realty Trust’s earnings. Independence Realty Trust also posted earnings of $0.19 per share in the same quarter last year. The company is scheduled to issue its next quarterly earnings results on Tuesday, October 30th.

On average, analysts expect that Independence Realty Trust will report full-year earnings of $0.75 per share for the current financial year, with EPS estimates ranging from $0.75 to $0.76. For the next fiscal year, analysts anticipate that the firm will report earnings of $0.81 per share, with EPS estimates ranging from $0.79 to $0.82. Zacks’ earnings per share calculations are an average based on a survey of research firms that cover Independence Realty Trust.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Thursday, August 2nd. The real estate investment trust reported $0.04 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.01). The firm had revenue of $46.73 million during the quarter, compared to analyst estimates of $47.47 million. Independence Realty Trust had a net margin of 8.19% and a return on equity of 2.24%.

Several equities research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Compass Point reaffirmed a “buy” rating on shares of Independence Realty Trust in a report on Friday, August 3rd. ValuEngine lowered shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Finally, B. Riley decreased their price target on shares of Independence Realty Trust from $11.50 to $11.00 and set a “buy” rating on the stock in a report on Thursday, April 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. Independence Realty Trust presently has an average rating of “Hold” and an average price target of $11.08.

Several institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada grew its holdings in shares of Independence Realty Trust by 70.9% during the 1st quarter. Royal Bank of Canada now owns 14,522 shares of the real estate investment trust’s stock valued at $133,000 after purchasing an additional 6,027 shares during the last quarter. GW&K Investment Management LLC grew its holdings in Independence Realty Trust by 39.5% during the 1st quarter. GW&K Investment Management LLC now owns 22,115 shares of the real estate investment trust’s stock worth $203,000 after acquiring an additional 6,265 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Independence Realty Trust by 13.8% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 53,700 shares of the real estate investment trust’s stock worth $493,000 after acquiring an additional 6,500 shares during the last quarter. Pinebridge Investments L.P. grew its holdings in Independence Realty Trust by 3.4% during the 2nd quarter. Pinebridge Investments L.P. now owns 213,884 shares of the real estate investment trust’s stock worth $2,206,000 after acquiring an additional 7,094 shares during the last quarter. Finally, Blair William & Co. IL grew its holdings in Independence Realty Trust by 0.7% during the 1st quarter. Blair William & Co. IL now owns 1,033,646 shares of the real estate investment trust’s stock worth $9,489,000 after acquiring an additional 7,150 shares during the last quarter. 81.31% of the stock is currently owned by institutional investors.

Shares of Independence Realty Trust traded down $0.07, hitting $10.04, during midday trading on Tuesday, MarketBeat reports. 329,860 shares of the company traded hands, compared to its average volume of 405,620. The firm has a market capitalization of $886.21 million, a PE ratio of 13.75 and a beta of 0.84. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 1.45. Independence Realty Trust has a 12 month low of $8.26 and a 12 month high of $10.63.

The business also recently declared a quarterly dividend, which was paid on Friday, July 20th. Investors of record on Friday, July 6th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 7.17%. The ex-dividend date of this dividend was Thursday, July 5th. Independence Realty Trust’s dividend payout ratio (DPR) is presently 98.63%.

About Independence Realty Trust

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 56 multifamily apartment properties, totaling 15,280 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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Earnings History and Estimates for Independence Realty Trust (NYSE:IRT)

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