Independence Realty Trust (NYSE:IRT) Issues Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Key Points

• Independence Realty Trust reported $0.01 in quarterly EPS, missing analysts’ $0.03 consensus estimate by $0.02. Revenue totaled $167.24 million, slightly exceeding the $166.93 million estimate.
• The REIT raised its quarterly dividend to $0.18 per share from $0.17, equating to a $0.72 annualized payout and a 4.3% yield; its payout ratio is 360%.
• Shares traded around $16.76, while analysts maintained a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $19.64. Institutional investors own 88.25% of the stock.

Independence Realty Trust (NYSE:IRT - Get Free Report) released its quarterly earnings results on Monday. The real estate investment trust reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.02), FiscalAI reports. The firm had revenue of $167.24 million during the quarter, compared to analyst estimates of $166.93 million. Independence Realty Trust had a net margin of 7.27% and a return on equity of 1.35%.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock traded up $0.13 during trading on Monday, hitting $16.76. 3,056,073 shares of the company were exchanged, compared to its average volume of 2,737,076. The firm has a market capitalization of $3.95 billion, a P/E ratio of 83.80 and a beta of 0.94. The firm's fifty day moving average price is $16.61 and its 200 day moving average price is $16.33. Independence Realty Trust has a 1-year low of $14.60 and a 1-year high of $18.18.

Independence Realty Trust Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Friday, June 26th. This is an increase from Independence Realty Trust's previous quarterly dividend of $0.17. Independence Realty Trust's dividend payout ratio is presently 360.00%.

Wall Street Analysts Forecast Growth

IRT has been the topic of several research analyst reports. Wall Street Zen cut Independence Realty Trust from a "sell" rating to a "strong sell" rating in a report on Saturday, May 2nd. Wells Fargo & Company upped their price target on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an "overweight" rating in a research report on Monday, June 1st. Barclays raised shares of Independence Realty Trust from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $19.00 to $20.00 in a report on Tuesday, July 14th. 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, UBS Group dropped their target price on shares of Independence Realty Trust from $20.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, Independence Realty Trust has an average rating of "Moderate Buy" and an average price target of $19.64.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. IFM Investors Pty Ltd boosted its position in shares of Independence Realty Trust by 1.6% during the fourth quarter. IFM Investors Pty Ltd now owns 38,532 shares of the real estate investment trust's stock worth $674,000 after purchasing an additional 607 shares in the last quarter. American Century Companies Inc. increased its position in shares of Independence Realty Trust by 1.1% in the 2nd quarter. American Century Companies Inc. now owns 70,678 shares of the real estate investment trust's stock valued at $1,250,000 after buying an additional 789 shares in the last quarter. Sunbelt Securities Inc. increased its position in shares of Independence Realty Trust by 37.5% in the 3rd quarter. Sunbelt Securities Inc. now owns 4,270 shares of the real estate investment trust's stock valued at $70,000 after buying an additional 1,165 shares in the last quarter. Ausdal Financial Partners Inc. raised its stake in Independence Realty Trust by 3.0% during the 3rd quarter. Ausdal Financial Partners Inc. now owns 42,695 shares of the real estate investment trust's stock worth $700,000 after buying an additional 1,259 shares during the period. Finally, Quadrant Capital Group LLC raised its stake in Independence Realty Trust by 6.8% during the 3rd quarter. Quadrant Capital Group LLC now owns 20,980 shares of the real estate investment trust's stock worth $344,000 after buying an additional 1,335 shares during the period. Institutional investors own 88.25% of the company's stock.

About Independence Realty Trust

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.