Independence Realty Trust Inc (NYSE:IRT) announced a monthly dividend on Thursday, April 13th, Wall Street Journal reports. Shareholders of record on Friday, June 30th will be given a dividend of 0.06 per share by the real estate investment trust on Monday, July 17th. This represents a $0.72 annualized dividend and a yield of 7.22%. The ex-dividend date of this dividend is Wednesday, June 28th.
Independence Realty Trust has increased its dividend by an average of 50.0% 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. Equities analysts expect Independence Realty Trust to earn $0.29 per share next year, which means the company may not be able to cover its $0.72 annual dividend with an expected future payout ratio of 248.3%.
Shares of Independence Realty Trust (NYSE:IRT) opened at 9.97 on Tuesday. Independence Realty Trust has a 12-month low of $7.37 and a 12-month high of $10.70. The firm has a 50-day moving average of $9.51 and a 200 day moving average of $9.19. The firm’s market capitalization is $686.13 million.
Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Tuesday, May 2nd. The real estate investment trust reported $0.18 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.18. Independence Realty Trust had a net margin of 10.85% and a return on equity of 3.25%. The company had revenue of $38.90 million for the quarter, compared to analyst estimates of $38.53 million. During the same period in the prior year, the firm posted $0.21 EPS. On average, equities research analysts expect that Independence Realty Trust will post $0.35 earnings per share for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its position in Independence Realty Trust by 78.4% in the first quarter. Dimensional Fund Advisors LP now owns 719,618 shares of the real estate investment trust’s stock worth $6,743,000 after buying an additional 316,318 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in Independence Realty Trust by 9.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 367,327 shares of the real estate investment trust’s stock worth $3,442,000 after buying an additional 30,437 shares during the last quarter. Geode Capital Management LLC increased its position in Independence Realty Trust by 3.3% in the first quarter. Geode Capital Management LLC now owns 544,525 shares of the real estate investment trust’s stock worth $5,102,000 after buying an additional 17,452 shares during the last quarter. Teachers Advisors LLC increased its position in Independence Realty Trust by 15.0% in the first quarter. Teachers Advisors LLC now owns 120,469 shares of the real estate investment trust’s stock worth $1,129,000 after buying an additional 15,699 shares during the last quarter. Finally, Bank of America Corp DE increased its position in Independence Realty Trust by 11.0% in the first quarter. Bank of America Corp DE now owns 44,684 shares of the real estate investment trust’s stock worth $419,000 after buying an additional 4,443 shares during the last quarter.
IRT has been the topic of a number of analyst reports. Zacks Investment Research raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, March 15th. FBR & Co upgraded shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $9.75 to $11.50 in a research report on Thursday, June 15th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $10.38.
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.
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