Independence Realty Trust Inc. (IRT) Declares Monthly Dividend of $0.06
Independence Realty Trust Inc. (NYSEMKT:IRT) declared a monthly dividend on Thursday, October 13th. Stockholders of record on Wednesday, November 30th will be paid a dividend of 0.06 per share by the real estate investment trust on Thursday, December 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 8.29%. The ex-dividend date of this dividend is Monday, November 28th.
Shares of Independence Realty Trust (NYSEMKT:IRT) traded up 2.00% on Thursday, hitting $8.68. The stock had a trading volume of 1,443,303 shares. The company’s 50 day moving average price is $9.51 and its 200-day moving average price is $8.36. Independence Realty Trust has a 12 month low of $5.97 and a 12 month high of $10.70.
Independence Realty Trust (NYSEMKT:IRT) last released its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.22 EPS for the quarter, topping the consensus estimate of $0.21 by $0.01. The firm had revenue of $38.27 million for the quarter, compared to analysts’ expectations of $38.13 million. The company’s revenue for the quarter was up 68.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.19 earnings per share. On average, analysts expect that Independence Realty Trust will post $0.85 earnings per share for the current fiscal year.
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IRT has been the topic of a number of analyst reports. Zacks Investment Research downgraded Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Wednesday, October 5th. TheStreet upgraded Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Monday, September 26th. Finally, FBR & Co lifted their price target on Independence Realty Trust from $8.00 to $9.50 and gave the company a “mkt perform” rating in a report on Thursday, August 4th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Independence Realty Trust currently has a consensus rating of “Buy” and an average target price of $10.00.
In other news, major shareholder Rait Financial Trust sold 7,269,719 shares of the stock in a transaction on Wednesday, October 5th. The stock was sold at an average price of $8.55, for a total value of $62,156,097.45. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Several hedge funds have recently made changes to their positions in IRT. Parametric Portfolio Associates LLC boosted its stake in shares of Independence Realty Trust by 60.3% in the second quarter. Parametric Portfolio Associates LLC now owns 58,306 shares of the real estate investment trust’s stock valued at $477,000 after buying an additional 21,929 shares during the last quarter. State Street Corp raised its position in Independence Realty Trust by 28.8% in the second quarter. State Street Corp now owns 784,992 shares of the real estate investment trust’s stock valued at $6,419,000 after buying an additional 175,351 shares during the period. Raymond James & Associates raised its position in Independence Realty Trust by 2.4% in the second quarter. Raymond James & Associates now owns 803,761 shares of the real estate investment trust’s stock valued at $6,575,000 after buying an additional 18,698 shares during the period. Teachers Advisors Inc. raised its position in Independence Realty Trust by 20.8% in the second quarter. Teachers Advisors Inc. now owns 61,628 shares of the real estate investment trust’s stock valued at $504,000 after buying an additional 10,601 shares during the period. Finally, American International Group Inc. raised its position in Independence Realty Trust by 23.1% in the second quarter. American International Group Inc. now owns 23,227 shares of the real estate investment trust’s stock valued at $190,000 after buying an additional 4,354 shares during the period.
About Independence Realty Trust
Independence Realty Trust, Inc is an externally managed and advised apartment real estate investment trust (REIT). The Company’s business consists of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. It owns and operates a portfolio of garden style and mid-rise apartment communities in the Southeastern United States.
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