Independence Realty Trust (NYSE:IRT) Announces Quarterly Earnings Results

Independence Realty Trust (NYSE:IRT) announced its earnings results on Wednesday. The real estate investment trust reported $0.16 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.03), Fidelity Earnings reports. The company had revenue of $50.85 million for the quarter, compared to analyst estimates of $50.17 million. Independence Realty Trust had a return on equity of 5.83% and a net margin of 18.42%.

Shares of NYSE:IRT traded down $0.28 during midday trading on Friday, reaching $12.73. The company’s stock had a trading volume of 498,955 shares, compared to its average volume of 425,395. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 17.20 and a beta of 0.82. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 1.61. The stock has a 50 day moving average of $11.97. Independence Realty Trust has a fifty-two week low of $8.75 and a fifty-two week high of $13.16.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Friday, June 28th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.66%. The ex-dividend date of this dividend was Thursday, June 27th. Independence Realty Trust’s dividend payout ratio is 97.30%.

Several research analysts have commented on IRT shares. TheStreet raised Independence Realty Trust from a “c” rating to a “b-” rating in a report on Thursday. ValuEngine raised Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Friday, May 10th. Zacks Investment Research downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Wednesday. Boenning Scattergood set a $11.00 target price on Independence Realty Trust and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Stifel Nicolaus started coverage on Independence Realty Trust in a report on Monday, April 8th. They set a “hold” rating and a $11.00 target price on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. Independence Realty Trust currently has an average rating of “Hold” and a consensus price target of $10.69.

Independence Realty Trust Company Profile

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.

Further Reading: What is a Real Estate Investment Trust (REIT)?

Earnings History for Independence Realty Trust (NYSE:IRT)

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