Independence Realty Trust (NYSE:IRT) released its quarterly earnings data on Wednesday. The real estate investment trust reported $0.04 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.14), MarketWatch Earnings reports. Independence Realty Trust had a return on equity of 5.17% and a net margin of 18.80%. The firm had revenue of $45.62 million during the quarter, compared to analyst estimates of $44.29 million.
Independence Realty Trust stock traded up $0.01 during trading hours on Thursday, hitting $9.30. 419,105 shares of the company traded hands, compared to its average volume of 640,326. The stock has a market cap of $798.65, a price-to-earnings ratio of 12.74 and a beta of 0.86. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 1.20. Independence Realty Trust has a 1-year low of $8.26 and a 1-year high of $10.63.
The business also recently announced a quarterly dividend, which was paid on Friday, April 20th. Shareholders of record on Wednesday, April 4th were paid a dividend of $0.18 per share. The ex-dividend date was Tuesday, April 3rd. This represents a $0.72 annualized dividend and a yield of 7.74%. Independence Realty Trust’s payout ratio is 295.89%.
A number of analysts recently weighed in on the stock. B. Riley dropped their price objective on shares of Independence Realty Trust from $11.50 to $11.00 and set a “buy” rating on the stock in a report on Thursday. Robert W. Baird set a $10.00 price objective on shares of Independence Realty Trust and gave the stock a “buy” rating in a report on Friday, March 2nd. ValuEngine raised shares of Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 7th. Finally, Zacks Investment Research raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $11.14.
In related news, CEO Scott Schaeffer bought 15,000 shares of the stock in a transaction on Thursday, February 22nd. The shares were purchased at an average price of $8.33 per share, with a total value of $124,950.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.61% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN increased its stake in Independence Realty Trust by 59.1% during the 3rd quarter. Wells Fargo & Company MN now owns 172,327 shares of the real estate investment trust’s stock valued at $1,752,000 after buying an additional 64,004 shares during the period. JPMorgan Chase & Co. increased its stake in Independence Realty Trust by 283.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 403,883 shares of the real estate investment trust’s stock valued at $4,083,000 after buying an additional 298,632 shares during the period. RMR Advisors LLC increased its stake in Independence Realty Trust by 18.3% during the 4th quarter. RMR Advisors LLC now owns 512,361 shares of the real estate investment trust’s stock valued at $5,170,000 after buying an additional 79,200 shares during the period. Taylor Frigon Capital Management LLC acquired a new position in Independence Realty Trust during the 4th quarter valued at about $1,168,000. Finally, Strs Ohio boosted its position in shares of Independence Realty Trust by 23.8% during the 4th quarter. Strs Ohio now owns 132,549 shares of the real estate investment trust’s stock valued at $1,337,000 after purchasing an additional 25,501 shares in the last quarter. 79.78% of the stock is currently owned by hedge funds and other institutional investors.
Independence Realty Trust Company Profile
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 55 multifamily apartment properties, totaling 15,045 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.
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