Independence Realty Trust Inc (IRT) to Issue Quarterly Dividend of $0.18

Independence Realty Trust Inc (NYSE:IRT) declared a quarterly dividend on Wednesday, March 14th, Wall Street Journal reports. Shareholders of record on Wednesday, April 4th will be given a dividend of 0.18 per share by the real estate investment trust on Friday, April 20th. This represents a $0.72 annualized dividend and a yield of 7.99%. The ex-dividend date is Tuesday, April 3rd.

Independence Realty Trust has increased its dividend by an average of 0.3% per year over the last three years. Independence Realty Trust has a payout ratio of 97.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect Independence Realty Trust to earn $0.81 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 88.9%.

Independence Realty Trust stock opened at $9.01 on Thursday. The firm has a market capitalization of $766.36, a PE ratio of 12.19 and a beta of 0.95. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.43 and a quick ratio of 0.43. Independence Realty Trust has a 52-week low of $8.26 and a 52-week high of $10.63.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Tuesday, February 20th. The real estate investment trust reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The firm had revenue of $42.31 million during the quarter, compared to analyst estimates of $43.59 million. Independence Realty Trust had a net margin of 18.80% and a return on equity of 5.17%. The business’s revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.17 earnings per share. equities research analysts anticipate that Independence Realty Trust will post 0.75 earnings per share for the current year.

IRT has been the subject of several research reports. National Securities lifted their target price on Independence Realty Trust from $9.00 to $11.00 and gave the company a “neutral” rating in a research report on Wednesday, November 22nd. KeyCorp assumed coverage on Independence Realty Trust in a research report on Tuesday, December 5th. They issued a “sector weight” rating for the company. ValuEngine upgraded Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 31st. Zacks Investment Research upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, January 9th. Finally, B. Riley set a $12.00 price objective on Independence Realty Trust and gave the company a “buy” rating in a research note on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $11.29.

In other Independence Realty Trust news, CEO Scott Schaeffer bought 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was purchased at an average price of $8.33 per share, for a total transaction of $124,950.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.58% of the stock is owned by insiders.

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About Independence Realty Trust

Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.

Dividend History for Independence Realty Trust (NYSE:IRT)

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