Brokerages expect Independence Realty Trust Inc (NYSE:IRT) to post $51.46 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Independence Realty Trust’s earnings. The highest sales estimate is $53.71 million and the lowest is $44.16 million. Independence Realty Trust reported sales of $50.85 million during the same quarter last year, which would suggest a positive year over year growth rate of 1.2%. The business is expected to announce its next quarterly earnings report on Wednesday, July 29th.
According to Zacks, analysts expect that Independence Realty Trust will report full-year sales of $207.88 million for the current financial year, with estimates ranging from $187.74 million to $215.30 million. For the next year, analysts expect that the company will post sales of $216.36 million, with estimates ranging from $192.44 million to $227.90 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that follow Independence Realty Trust.
Several research firms have commented on IRT. Citigroup reduced their price objective on Independence Realty Trust from $15.75 to $7.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. TheStreet cut Independence Realty Trust from a “b-” rating to a “c+” rating in a research report on Friday, April 3rd. Zacks Investment Research cut Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Thursday, June 25th. Finally, Stifel Nicolaus raised Independence Realty Trust from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research report on Monday, March 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $11.90.
In related news, Director Richard H. Ross sold 16,000 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $9.66, for a total value of $154,560.00. Following the transaction, the director now directly owns 12,843 shares in the company, valued at $124,063.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.87% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FinTrust Capital Advisors LLC purchased a new stake in shares of Independence Realty Trust during the first quarter worth $41,000. PNC Financial Services Group Inc. increased its position in shares of Independence Realty Trust by 28.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,178 shares of the real estate investment trust’s stock worth $60,000 after acquiring an additional 937 shares during the period. Tudor Investment Corp Et Al purchased a new stake in shares of Independence Realty Trust during the first quarter worth $90,000. Fort Washington Investment Advisors Inc. OH purchased a new stake in shares of Independence Realty Trust during the first quarter worth $110,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of Independence Realty Trust during the first quarter worth $118,000. 94.16% of the stock is currently owned by institutional investors.
Shares of NYSE IRT traded up $0.41 during mid-day trading on Friday, hitting $11.45. 1,078,800 shares of the stock traded hands, compared to its average volume of 921,746. The stock has a fifty day moving average price of $10.54 and a 200-day moving average price of $12.02. Independence Realty Trust has a 52 week low of $6.86 and a 52 week high of $16.85. The company has a market cap of $1.08 billion, a price-to-earnings ratio of 24.36 and a beta of 1.15.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Thursday, July 2nd will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend is Wednesday, July 1st. Independence Realty Trust’s dividend payout ratio is presently 94.74%.
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.
Featured Story: Compound Interest
Get a free copy of the Zacks research report on Independence Realty Trust (IRT)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Independence Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.