Independence Realty Trust (NYSE:IRT) Hits New 52-Week Low Following Weak Earnings

Independence Realty Trust, Inc. (NYSE:IRT) reached a new 52-week low during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $19.00 and last traded at $19.44, with a volume of 2283448 shares changing hands. The stock had previously closed at $19.42.

The real estate investment trust reported $0.27 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.01). The firm had revenue of $160.91 million for the quarter, compared to analysts’ expectations of $164.08 million. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. Independence Realty Trust’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the firm posted $0.27 earnings per share.

Independence Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Friday, March 28th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date was Friday, March 28th. Independence Realty Trust’s dividend payout ratio (DPR) is 355.56%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Jefferies Financial Group raised Independence Realty Trust from a “hold” rating to a “buy” rating and raised their target price for the stock from $20.00 to $24.00 in a research note on Monday, March 10th. UBS Group started coverage on Independence Realty Trust in a report on Monday, April 7th. They set a “buy” rating and a $24.00 price target for the company. Barclays increased their price objective on Independence Realty Trust from $20.00 to $21.00 and gave the company an “equal weight” rating in a report on Friday, April 11th. Wells Fargo & Company started coverage on Independence Realty Trust in a research note on Wednesday, March 19th. They set an “overweight” rating and a $24.00 target price for the company. Finally, JMP Securities reiterated a “market outperform” rating and issued a $22.00 price target on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $22.33.

Insider Buying and Selling at Independence Realty Trust

In other news, CEO Scott Schaeffer sold 10,000 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $21.21, for a total transaction of $212,100.00. Following the completion of the sale, the chief executive officer now owns 873,365 shares in the company, valued at approximately $18,524,071.65. This represents a 1.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.58% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC grew its position in Independence Realty Trust by 2.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust’s stock valued at $442,000 after buying an additional 488 shares during the last quarter. Global Retirement Partners LLC raised its holdings in Independence Realty Trust by 66.0% during the fourth quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 521 shares in the last quarter. Amundi lifted its position in Independence Realty Trust by 0.5% in the fourth quarter. Amundi now owns 122,544 shares of the real estate investment trust’s stock valued at $2,304,000 after purchasing an additional 597 shares during the period. State of Alaska Department of Revenue boosted its holdings in Independence Realty Trust by 0.5% in the 4th quarter. State of Alaska Department of Revenue now owns 133,831 shares of the real estate investment trust’s stock valued at $2,654,000 after purchasing an additional 643 shares in the last quarter. Finally, Xponance Inc. increased its position in Independence Realty Trust by 2.1% during the 1st quarter. Xponance Inc. now owns 32,632 shares of the real estate investment trust’s stock worth $693,000 after purchasing an additional 678 shares during the period. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Price Performance

The company has a 50-day simple moving average of $20.10 and a 200-day simple moving average of $20.14. The stock has a market cap of $4.43 billion, a PE ratio of 106.47, a PEG ratio of 2.91 and a beta of 0.98.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.