Independence Realty Trust, Inc. (NYSE:IRT) to Issue $0.17 Quarterly Dividend

Key Points

• Independence Realty Trust, Inc. has announced a quarterly dividend of $0.17 per share, with the dividend to be paid on October 24th to investors of record as of September 30th.
• The company has a payout ratio of 220.7%, indicating that it relies on its balance sheet to cover its dividend payments rather than earnings alone.
• Independence Realty Trust reported earnings of $0.28 per share for the last quarter, matching analyst estimates but falling short of revenue expectations.

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) announced a quarterly dividend on Monday, September 8th, Wall Street Journal reports. Shareholders of record on Tuesday, September 30th will be given a dividend of 0.17 per share by the real estate investment trust on Friday, October 24th. This represents a c) annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, September 30th.

Independence Realty Trust has a payout ratio of 220.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Independence Realty Trust to earn $1.27 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 50.4%.

Independence Realty Trust Trading Down 1.8%

IRT stock traded down $0.31 during midday trading on Friday, hitting $17.40. 2,106,650 shares of the company's stock were exchanged, compared to its average volume of 2,280,150. The stock has a market capitalization of $4.07 billion, a price-to-earnings ratio of 145.00, a price-to-earnings-growth ratio of 2.44 and a beta of 0.96. Independence Realty Trust has a 12-month low of $16.59 and a 12-month high of $22.26. The firm has a 50 day moving average price of $17.44 and a 200-day moving average price of $18.64.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, hitting the consensus estimate of $0.28. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.The business had revenue of $161.89 million during the quarter, compared to the consensus estimate of $164.78 million. During the same quarter last year, the company earned $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, sell-side analysts forecast that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

IRT has been the subject of a number of recent analyst reports. UBS Group dropped their price target on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating for the company in a report on Tuesday, July 15th. Compass Point raised Independence Realty Trust from a "neutral" rating to a "buy" rating and raised their price target for the company from $22.00 to $24.00 in a report on Thursday, July 31st. Wells Fargo & Company lowered their target price on Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating for the company in a research note on Wednesday, August 27th. Wall Street Zen cut Independence Realty Trust from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. Finally, Barclays lowered their target price on Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 12th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.14.

About Independence Realty Trust

Independence Realty Trust, Inc NYSE: IRT is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.