Wall Street analysts forecast that Independence Realty Trust Inc (NYSE:IRT) will announce $50.17 million in sales for the current quarter, according to Zacks. Six analysts have made estimates for Independence Realty Trust’s earnings. The highest sales estimate is $52.62 million and the lowest is $48.40 million. Independence Realty Trust posted sales of $46.73 million during the same quarter last year, which suggests a positive year-over-year growth rate of 7.4%. The business is scheduled to issue its next quarterly earnings report on Thursday, August 1st.
On average, analysts expect that Independence Realty Trust will report full-year sales of $200.77 million for the current fiscal year, with estimates ranging from $194.20 million to $209.18 million. For the next financial year, analysts anticipate that the company will report sales of $208.37 million, with estimates ranging from $200.50 million to $221.45 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Independence Realty Trust.
Independence Realty Trust (NYSE:IRT) last announced its earnings results on Wednesday, May 1st. The real estate investment trust reported $0.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.15). The company had revenue of $49.47 million for the quarter, compared to analyst estimates of $49.80 million. Independence Realty Trust had a return on equity of 4.05% and a net margin of 13.05%.
A number of research analysts have recently issued reports on the company. ValuEngine raised Independence Realty Trust from a “hold” rating to a “buy” rating in a research note on Friday, May 10th. Zacks Investment Research raised Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Saturday, May 4th. TheStreet downgraded Independence Realty Trust from a “b-” rating to a “c+” rating in a research note on Monday, April 8th. Finally, Boenning Scattergood set a $11.00 price objective on Independence Realty Trust and gave the company a “buy” rating in a research note on Thursday, May 2nd. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $10.95.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. raised its stake in Independence Realty Trust by 2.5% during the 4th quarter. BlackRock Inc. now owns 15,978,135 shares of the real estate investment trust’s stock worth $146,678,000 after buying an additional 385,391 shares during the period. Nuveen Asset Management LLC raised its stake in Independence Realty Trust by 21.4% during the 4th quarter. Nuveen Asset Management LLC now owns 1,103,427 shares of the real estate investment trust’s stock worth $10,129,000 after buying an additional 194,283 shares during the period. Dimensional Fund Advisors LP raised its stake in Independence Realty Trust by 8.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,293,594 shares of the real estate investment trust’s stock worth $11,875,000 after buying an additional 105,833 shares during the period. Virginia Retirement Systems ET AL raised its stake in Independence Realty Trust by 1,016.8% during the 1st quarter. Virginia Retirement Systems ET AL now owns 112,800 shares of the real estate investment trust’s stock worth $1,217,000 after buying an additional 102,700 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Independence Realty Trust by 6.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,693,570 shares of the real estate investment trust’s stock worth $15,547,000 after buying an additional 101,327 shares during the period. 85.68% of the stock is currently owned by institutional investors.
IRT traded up $0.15 during midday trading on Thursday, hitting $11.80. 307,200 shares of the company were exchanged, compared to its average volume of 451,626. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 15.95 and a beta of 0.80. Independence Realty Trust has a 1-year low of $8.75 and a 1-year high of $12.17. The business has a 50 day moving average price of $11.35. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.48 and a quick ratio of 0.48.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Friday, June 28th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.10%. The ex-dividend date of this dividend is Thursday, June 27th. Independence Realty Trust’s dividend payout ratio is 97.30%.
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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