Wall Street brokerages predict that Independence Realty Trust Inc (NYSE:IRT) will report sales of $51.42 million for the current fiscal quarter, according to Zacks Investment Research. Six analysts have made estimates for Independence Realty Trust’s earnings. The lowest sales estimate is $50.66 million and the highest is $52.27 million. Independence Realty Trust posted sales of $48.78 million in the same quarter last year, which suggests a positive year-over-year growth rate of 5.4%. The business is scheduled to issue its next earnings results on Thursday, November 7th.
On average, analysts expect that Independence Realty Trust will report full-year sales of $204.40 million for the current year, with estimates ranging from $201.53 million to $209.18 million. For the next fiscal year, analysts expect that the business will post sales of $214.30 million, with estimates ranging from $208.00 million to $221.45 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Independence Realty Trust.
Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.03). Independence Realty Trust had a net margin of 18.42% and a return on equity of 5.88%. The company had revenue of $50.85 million for the quarter, compared to analysts’ expectations of $50.17 million.
IRT has been the topic of several recent research reports. TheStreet upgraded Independence Realty Trust from a “c” rating to a “b-” rating in a report on Thursday, August 1st. Zacks Investment Research upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a report on Wednesday, August 7th. Boenning Scattergood set a $11.00 price target on Independence Realty Trust and gave the company a “buy” rating in a report on Thursday, May 2nd. Finally, ValuEngine upgraded Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Friday, May 10th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $11.35.
In other Independence Realty Trust news, Director Richard H. Ross sold 4,000 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $13.28, for a total value of $53,120.00. Following the sale, the director now owns 28,843 shares in the company, valued at $383,035.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.69% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Ladenburg Thalmann Financial Services Inc. raised its stake in Independence Realty Trust by 4.4% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 117,298 shares of the real estate investment trust’s stock valued at $1,357,000 after buying an additional 4,900 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its stake in Independence Realty Trust by 5.0% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 43,516 shares of the real estate investment trust’s stock valued at $504,000 after buying an additional 2,069 shares during the last quarter. Pictet Asset Management Ltd. raised its stake in Independence Realty Trust by 23.3% in the second quarter. Pictet Asset Management Ltd. now owns 18,000 shares of the real estate investment trust’s stock valued at $208,000 after buying an additional 3,400 shares during the last quarter. Schroder Investment Management Group raised its stake in Independence Realty Trust by 7.5% in the second quarter. Schroder Investment Management Group now owns 88,497 shares of the real estate investment trust’s stock valued at $1,024,000 after buying an additional 6,168 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its stake in Independence Realty Trust by 22.1% in the second quarter. Nuveen Asset Management LLC now owns 1,154,166 shares of the real estate investment trust’s stock valued at $13,352,000 after buying an additional 208,923 shares during the last quarter. Institutional investors and hedge funds own 85.74% of the company’s stock.
NYSE:IRT traded up $0.14 during midday trading on Monday, hitting $13.38. 846,700 shares of the company traded hands, compared to its average volume of 608,006. The firm’s fifty day moving average is $12.31 and its 200-day moving average is $11.16. Independence Realty Trust has a 12-month low of $8.75 and a 12-month high of $13.53. The firm has a market capitalization of $1.16 billion, a P/E ratio of 18.08 and a beta of 0.82. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.63.
The firm also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Friday, June 28th were paid a $0.18 dividend. The ex-dividend date was Thursday, June 27th. This represents a $0.72 dividend on an annualized basis and a yield of 5.38%. Independence Realty Trust’s payout ratio is 97.30%.
About Independence Realty Trust
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 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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