Independence Realty Trust, Inc. (NYSE:IRT) Expected to Post Earnings of $0.26 Per Share

Wall Street analysts predict that Independence Realty Trust, Inc. (NYSE:IRTGet Rating) will report $0.26 earnings per share for the current quarter, Zacks reports. Two analysts have provided estimates for Independence Realty Trust’s earnings, with the highest EPS estimate coming in at $0.26 and the lowest estimate coming in at $0.25. Independence Realty Trust reported earnings per share of $0.20 in the same quarter last year, which would suggest a positive year over year growth rate of 30%. The firm is scheduled to announce its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Independence Realty Trust will report full year earnings of $1.05 per share for the current year, with EPS estimates ranging from $1.04 to $1.06. For the next financial year, analysts forecast that the business will report earnings of $1.16 per share, with EPS estimates ranging from $1.10 to $1.18. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Independence Realty Trust.

Independence Realty Trust (NYSE:IRTGet Rating) last announced its earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.34 EPS for the quarter, topping the consensus estimate of $0.25 by $0.09. Independence Realty Trust had a net margin of 34.18% and a return on equity of 5.34%. During the same quarter in the previous year, the firm earned $0.18 EPS.

A number of brokerages have recently commented on IRT. KeyCorp lifted their price target on shares of Independence Realty Trust from $27.00 to $29.00 and gave the stock an “overweight” rating in a report on Friday, April 1st. Jefferies Financial Group started coverage on shares of Independence Realty Trust in a research note on Friday, April 22nd. They issued a “buy” rating and a $32.00 price target for the company. Barclays decreased their target price on shares of Independence Realty Trust from $30.00 to $28.00 in a research report on Tuesday, May 10th. StockNews.com started coverage on shares of Independence Realty Trust in a research report on Thursday, March 31st. They set a “sell” rating for the company. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Independence Realty Trust from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, March 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Independence Realty Trust presently has an average rating of “Buy” and a consensus target price of $27.25.

Independence Realty Trust stock traded down $0.24 during mid-day trading on Friday, reaching $22.07. The company had a trading volume of 121,998 shares, compared to its average volume of 6,131,087. Independence Realty Trust has a fifty-two week low of $16.01 and a fifty-two week high of $28.42. The company has a market cap of $4.88 billion, a P/E ratio of 31.13, a P/E/G ratio of 10.59 and a beta of 0.87. The business has a fifty day simple moving average of $25.74 and a 200 day simple moving average of $24.86.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 22nd. Shareholders of record on Friday, July 1st will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, June 30th. This represents a $0.56 annualized dividend and a yield of 2.54%. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.12. Independence Realty Trust’s dividend payout ratio is presently 67.61%.

A number of institutional investors and hedge funds have recently made changes to their positions in IRT. Capital Asset Advisory Services LLC lifted its position in shares of Independence Realty Trust by 2.6% in the 1st quarter. Capital Asset Advisory Services LLC now owns 14,023 shares of the real estate investment trust’s stock worth $372,000 after purchasing an additional 360 shares during the period. Arizona State Retirement System lifted its position in shares of Independence Realty Trust by 1.7% in the 4th quarter. Arizona State Retirement System now owns 28,290 shares of the real estate investment trust’s stock worth $731,000 after purchasing an additional 466 shares during the period. State of Tennessee Treasury Department lifted its position in shares of Independence Realty Trust by 0.8% in the 4th quarter. State of Tennessee Treasury Department now owns 59,317 shares of the real estate investment trust’s stock worth $1,532,000 after purchasing an additional 479 shares during the period. Metropolitan Life Insurance Co NY increased its stake in shares of Independence Realty Trust by 1.4% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 35,407 shares of the real estate investment trust’s stock worth $721,000 after acquiring an additional 493 shares in the last quarter. Finally, Fieldpoint Private Securities LLC increased its stake in shares of Independence Realty Trust by 85.3% in the 1st quarter. Fieldpoint Private Securities LLC now owns 1,195 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 550 shares in the last quarter. 82.42% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Company Profile (Get Rating)

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties 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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Earnings History and Estimates for Independence Realty Trust (NYSE:IRT)

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