Wall Street analysts expect that Independence Realty Trust Inc (NYSE:IRT) will announce $51.42 million in sales for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for Independence Realty Trust’s earnings, with the lowest sales estimate coming in at $50.66 million and the highest estimate coming in at $52.27 million. Independence Realty Trust posted sales of $48.78 million during the same quarter last year, which suggests a positive year-over-year growth rate of 5.4%. The company is scheduled to report its next quarterly earnings results on Thursday, November 7th.
According to Zacks, analysts expect that Independence Realty Trust will report full-year sales of $204.40 million for the current financial year, with estimates ranging from $201.53 million to $209.18 million. For the next year, analysts forecast that the business will report 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 analysts that follow Independence Realty Trust.
Independence Realty Trust (NYSE:IRT) last released its 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.
Shares of Independence Realty Trust stock traded up $0.37 during trading hours on Monday, hitting $13.25. The company’s stock had a trading volume of 14,698 shares, compared to its average volume of 582,450. The stock has a 50 day moving average price of $12.24. Independence Realty Trust has a 12-month low of $8.75 and a 12-month high of $13.37. The firm has a market cap of $1.17 billion, a P/E ratio of 17.85 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Friday, June 28th were paid a dividend of $0.18 per share. The ex-dividend date was Thursday, June 27th. This represents a $0.72 annualized dividend and a yield of 5.43%. Independence Realty Trust’s payout ratio is currently 97.30%.
In other news, Director Richard H. Ross sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $13.28, for a total transaction of $53,120.00. Following the transaction, the director now owns 28,843 shares of the company’s stock, valued at $383,035.04. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.69% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in IRT. Pictet Asset Management Ltd. grew its position in Independence Realty Trust by 23.3% during the 2nd quarter. Pictet Asset Management Ltd. now owns 18,000 shares of the real estate investment trust’s stock worth $208,000 after purchasing an additional 3,400 shares during the period. Schroder Investment Management Group grew its position in Independence Realty Trust by 7.5% during the 2nd quarter. Schroder Investment Management Group now owns 88,497 shares of the real estate investment trust’s stock worth $1,024,000 after purchasing an additional 6,168 shares during the period. Nuveen Asset Management LLC grew its position in Independence Realty Trust by 22.1% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,154,166 shares of the real estate investment trust’s stock worth $13,352,000 after purchasing an additional 208,923 shares during the period. Cubist Systematic Strategies LLC grew its position in Independence Realty Trust by 29.7% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 22,629 shares of the real estate investment trust’s stock worth $262,000 after purchasing an additional 5,178 shares during the period. Finally, Morgan Stanley grew its position in Independence Realty Trust by 278.6% during the 2nd quarter. Morgan Stanley now owns 512,673 shares of the real estate investment trust’s stock worth $5,931,000 after purchasing an additional 377,277 shares during the period. 85.74% of the stock is currently owned by hedge funds and other institutional investors.
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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