Independence Realty Trust (NYSE:IRT) Issues Quarterly Earnings Results

Independence Realty Trust (NYSE:IRT) announced its quarterly earnings data on Monday. The real estate investment trust reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.02), FiscalAI reports. The business had revenue of $167.24 million for the quarter, compared to the consensus estimate of $166.93 million. Independence Realty Trust had a return on equity of 1.35% and a net margin of 7.27%.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT traded up $0.13 during midday trading on Monday, reaching $16.76. The company’s stock had a trading volume of 3,061,055 shares, compared to its average volume of 2,744,176. The firm has a market capitalization of $3.95 billion, a price-to-earnings ratio of 83.80 and a beta of 0.94. The firm has a 50 day moving average price of $16.61 and a two-hundred day moving average price of $16.33. Independence Realty Trust has a fifty-two week low of $14.60 and a fifty-two week high of $18.18.

Independence Realty Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were given a $0.18 dividend. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Friday, June 26th. This represents a $0.72 annualized dividend and a dividend yield of 4.3%. Independence Realty Trust’s dividend payout ratio is 360.00%.

Hedge Funds Weigh In On Independence Realty Trust

A number of institutional investors and hedge funds have recently modified their holdings of IRT. Quadrant Capital Group LLC increased its position in Independence Realty Trust by 6.8% in the 3rd quarter. Quadrant Capital Group LLC now owns 20,980 shares of the real estate investment trust’s stock valued at $344,000 after buying an additional 1,335 shares in the last quarter. Cibc World Markets Corp acquired a new position in Independence Realty Trust during the 4th quarter worth approximately $278,000. Brooklyn Investment Group bought a new position in Independence Realty Trust in the fourth quarter worth approximately $273,000. CIBC Private Wealth Group LLC boosted its holdings in Independence Realty Trust by 41.5% in the third quarter. CIBC Private Wealth Group LLC now owns 16,405 shares of the real estate investment trust’s stock worth $269,000 after acquiring an additional 4,815 shares in the last quarter. Finally, M Holdings Securities Inc. acquired a new stake in Independence Realty Trust in the fourth quarter valued at approximately $249,000. 88.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

IRT has been the topic of several recent research reports. Jefferies Financial Group raised Independence Realty Trust to a “strong-buy” rating in a report on Wednesday, July 22nd. UBS Group cut their target price on shares of Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. Wells Fargo & Company boosted their target price on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 1st. Weiss Ratings upgraded shares of Independence Realty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, July 6th. Finally, Wall Street Zen downgraded shares of Independence Realty Trust from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.64.

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.