Independence Realty Trust Inc (IRT) Expected to Post Quarterly Sales of $39.39 Million
Analysts expect that Independence Realty Trust Inc (NYSE:IRT) will announce $39.39 million in sales for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Independence Realty Trust’s earnings, with estimates ranging from $38.70 million to $39.88 million. Independence Realty Trust reported sales of $38.33 million in the same quarter last year, which indicates a positive year-over-year growth rate of 2.8%. The business is expected to report its next quarterly earnings results on Wednesday, August 2nd.
On average, analysts expect that Independence Realty Trust will report full-year sales of $39.39 million for the current financial year, with estimates ranging from $154.40 million to $160.29 million. For the next financial year, analysts expect that the company will post sales of $164.06 million per share, with estimates ranging from $156.90 million to $167.86 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Independence Realty Trust.
Independence Realty Trust (NYSE:IRT) last released its earnings results on Tuesday, May 2nd. The real estate investment trust reported $0.18 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.18. The firm had revenue of $38.90 million for the quarter, compared to analysts’ expectations of $38.53 million. Independence Realty Trust had a net margin of 10.85% and a return on equity of 3.25%. During the same period in the previous year, the company earned $0.21 earnings per share.
A number of research firms recently issued reports on IRT. JMP Securities reissued an “outperform” rating and issued a $11.50 price objective (up previously from $10.50) on shares of Independence Realty Trust in a report on Friday, June 30th. FBR & Co raised shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $9.75 to $11.50 in a report on Thursday, June 15th. Finally, Zacks Investment Research downgraded shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Wednesday, April 26th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $10.60.
A number of institutional investors have recently modified their holdings of IRT. Allianz Asset Management AG increased its position in shares of Independence Realty Trust by 90.4% in the fourth quarter. Allianz Asset Management AG now owns 36,948 shares of the real estate investment trust’s stock valued at $329,000 after buying an additional 17,541 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its position in shares of Independence Realty Trust by 37.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 43,649 shares of the real estate investment trust’s stock valued at $389,000 after buying an additional 11,898 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Independence Realty Trust during the fourth quarter valued at $4,079,000. Sheaff Brock Investment Advisors LLC purchased a new position in shares of Independence Realty Trust during the first quarter valued at $164,000. Finally, Numeric Investors LLC purchased a new position in shares of Independence Realty Trust during the fourth quarter valued at $315,000.
Independence Realty Trust (NYSE IRT) opened at 9.88 on Friday. Independence Realty Trust has a 1-year low of $7.74 and a 1-year high of $10.70. The firm has a 50-day moving average of $9.66 and a 200-day moving average of $9.25.
The company also recently declared a monthly dividend, which was paid on Thursday, June 15th. Shareholders of record on Wednesday, May 31st were issued a dividend of $0.06 per share. This represents a $0.72 annualized dividend and a yield of 7.29%. The ex-dividend date was Friday, May 26th.
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About Independence Realty Trust
Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.
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