Independence Realty Trust (NYSE:IRT) Issues Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• Independence Realty Trust beat quarterly earnings expectations: The REIT reported $0.11 in EPS versus the $0.05 consensus estimate and generated $172.11 million in revenue, slightly above forecasts.
• Shares rose 1.9% to $15.00 following the results. The stock remains below its 50-day and 200-day moving averages and has traded between $14.33 and $17.79 over the past year.
• Investors received a quarterly dividend of $0.18 per share, equivalent to a 4.8% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $19.39.

Independence Realty Trust (NYSE:IRT - Get Free Report) released its quarterly earnings data on Monday. The real estate investment trust reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.05 by $0.06, FiscalAI reports. The firm had revenue of $172.11 million during the quarter, compared to analyst estimates of $171.43 million. Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%.

Independence Realty Trust Stock Up 1.9%

Shares of NYSE IRT traded up $0.28 during midday trading on Monday, reaching $15.00. 3,049,921 shares of the company's stock traded hands, compared to its average volume of 2,949,638. The stock's 50 day simple moving average is $15.18 and its 200-day simple moving average is $16.07. Independence Realty Trust has a one year low of $14.33 and a one year high of $17.79. The company has a market cap of $3.54 billion, a price-to-earnings ratio of 83.32 and a beta of 0.96.

Independence Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 23rd. Stockholders of record on Wednesday, September 30th were paid a dividend of $0.18 per share. The ex-dividend date was Wednesday, September 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.8%. Independence Realty Trust's dividend payout ratio (DPR) is currently 400.00%.

Analysts Set New Price Targets

A number of brokerages have issued reports on IRT. Weiss Ratings raised shares of Independence Realty Trust from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. Wells Fargo & Company lowered their price objective on shares of Independence Realty Trust from $19.00 to $18.00 and set an "overweight" rating on the stock in a research report on Monday, October 19th. Jefferies Financial Group upgraded Independence Realty Trust to a "strong-buy" rating in a research note on Wednesday, July 22nd. Royal Bank Of Canada upped their price target on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 5th. Finally, Barclays decreased their price target on shares of Independence Realty Trust from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $19.39.

About Independence Realty Trust

Independence Realty Trust, Inc NYSE: IRT is a real estate investment trust that owns, operates and acquires multifamily apartment communities in the United States. The company focuses on providing rental housing, with properties generally located in markets that offer population growth, employment opportunities and attractive long-term housing demand.

IRT's portfolio is concentrated primarily in the Southeast and other select U.S. growth markets, including communities in states such as Georgia, North Carolina, South Carolina, Tennessee, Florida, Texas and Colorado.

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