Independence Realty Trust, Inc. (NYSE:IRT) Increases Dividend to $0.14 Per Share

Independence Realty Trust, Inc. (NYSE:IRTGet Rating) announced a quarterly dividend on Wednesday, May 18th, Zacks reports. Shareholders of record on Friday, July 1st will be given a dividend of 0.14 per share by the real estate investment trust on Friday, July 22nd. This represents a $0.56 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend is Thursday, June 30th. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.12.

Independence Realty Trust has decreased its dividend by an average of 12.6% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Independence Realty Trust has a payout ratio of 184.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Independence Realty Trust to earn $1.16 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 41.4%.

Shares of NYSE:IRT opened at $22.31 on Friday. The stock has a market capitalization of $4.93 billion, a P/E ratio of 31.42, a price-to-earnings-growth ratio of 10.59 and a beta of 0.87. The stock’s 50-day moving average price is $25.74 and its 200-day moving average price is $24.86. Independence Realty Trust has a 12-month low of $16.01 and a 12-month high of $28.42.

Independence Realty Trust (NYSE:IRTGet Rating) last issued its earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.09. Independence Realty Trust had a return on equity of 5.34% and a net margin of 34.18%. During the same quarter in the previous year, the firm posted $0.18 earnings per share. As a group, research analysts expect that Independence Realty Trust will post 1.05 EPS for the current fiscal year.

Several research analysts have recently issued reports on the stock. Jefferies Financial Group began coverage on shares of Independence Realty Trust in a report on Friday, April 22nd. They issued a “buy” rating and a $32.00 target price on the stock. BTIG Research began coverage on shares of Independence Realty Trust in a research report on Monday, May 9th. They issued a “buy” rating and a $27.00 price objective on the stock. Deutsche Bank Aktiengesellschaft increased their target price 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. KeyCorp boosted their price target on Independence Realty Trust from $27.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, April 1st. Finally, StockNews.com initiated coverage on Independence Realty Trust in a report on Thursday, March 31st. They issued a “sell” rating for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $27.25.

Several large investors have recently made changes to their positions in IRT. Neo Ivy Capital Management bought a new position in Independence Realty Trust in the 4th quarter worth $61,000. Janus Henderson Group PLC purchased a new position in shares of Independence Realty Trust in the 3rd quarter worth approximately $209,000. LPL Financial LLC bought a new position in Independence Realty Trust during the third quarter valued at $226,000. Evergreen Capital Management LLC bought a new position in Independence Realty Trust during the 1st quarter valued at about $232,000. Finally, Point72 Hong Kong Ltd grew its stake in shares of Independence Realty Trust by 38.2% during the first quarter. Point72 Hong Kong Ltd now owns 9,085 shares of the real estate investment trust’s stock valued at $240,000 after buying an additional 2,509 shares during the last quarter. Institutional investors own 82.42% of the company’s stock.

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.

See Also

Dividend History for Independence Realty Trust (NYSE:IRT)

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