Independence Realty Trust, Inc. (IRT) Expected to Post Earnings of $0.18 Per Share

Wall Street analysts expect that Independence Realty Trust, Inc. (NYSE:IRT) will post earnings of $0.18 per share for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Independence Realty Trust’s earnings, with the highest EPS estimate coming in at $0.19 and the lowest estimate coming in at $0.16. Independence Realty Trust posted earnings per share of ($0.61) in the same quarter last year, which would indicate a positive year-over-year growth rate of 129.5%. The business is scheduled to issue its next quarterly earnings report on Thursday, February 15th.

According to Zacks, analysts expect that Independence Realty Trust will report full-year earnings of $0.74 per share for the current financial year, with EPS estimates ranging from $0.73 to $0.74. For the next financial year, analysts forecast that the company will post earnings of $0.79 per share, with EPS estimates ranging from $0.74 to $0.81. Zacks’ EPS averages are a mean average based on a survey of analysts that that provide coverage for Independence Realty Trust.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.11. The company had revenue of $39.86 million during the quarter, compared to analyst estimates of $40.38 million. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. The business’s revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.21 earnings per share.

Several brokerages have issued reports on IRT. Ladenburg Thalmann Financial Services restated a “buy” rating on shares of Independence Realty Trust in a research report on Wednesday. Robert W. Baird restated a “buy” rating and issued a $11.00 price target on shares of Independence Realty Trust in a research report on Tuesday, October 17th. FBR & Co restated a “buy” rating and issued a $11.50 price target on shares of Independence Realty Trust in a research report on Tuesday, September 12th. Zacks Investment Research cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. Finally, ValuEngine upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $11.00.

The company also recently disclosed a monthly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be given a dividend of $0.06 per share. This represents a $0.72 annualized dividend and a dividend yield of 7.09%. The ex-dividend date of this dividend is Thursday, December 28th. Independence Realty Trust’s dividend payout ratio (DPR) is presently -313.03%.

In other news, CEO Scott Schaeffer acquired 35,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was bought at an average cost of $10.12 per share, for a total transaction of $354,200.00. Following the completion of the transaction, the chief executive officer now directly owns 155,306 shares in the company, valued at approximately $1,571,696.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.58% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of IRT. Phocas Financial Corp. acquired a new stake in shares of Independence Realty Trust during the second quarter worth $10,757,000. Global X Management Co. LLC acquired a new stake in shares of Independence Realty Trust during the second quarter worth $10,068,000. Nuveen Asset Management LLC increased its position in shares of Independence Realty Trust by 149.6% during the first quarter. Nuveen Asset Management LLC now owns 1,345,558 shares of the real estate investment trust’s stock worth $12,608,000 after buying an additional 806,509 shares during the period. Principal Financial Group Inc. increased its position in shares of Independence Realty Trust by 5,759.7% during the first quarter. Principal Financial Group Inc. now owns 628,800 shares of the real estate investment trust’s stock worth $5,892,000 after buying an additional 618,069 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Independence Realty Trust by 66.7% during the second quarter. Bank of New York Mellon Corp now owns 1,201,315 shares of the real estate investment trust’s stock worth $11,857,000 after buying an additional 480,821 shares during the period. Institutional investors own 61.86% of the company’s stock.

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Independence Realty Trust Company Profile

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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