Independence Realty Trust Inc (NYSE:IRT) Announces $0.06 Monthly Dividend
Independence Realty Trust Inc (NYSE:IRT) announced a monthly dividend on Monday, July 17th, Wall Street Journal reports. Shareholders of record on Friday, September 29th will be paid a dividend of 0.06 per share by the real estate investment trust on Friday, October 13th. This represents a $0.72 dividend on an annualized basis and a yield of 7.21%. The ex-dividend date is Thursday, September 28th.
Independence Realty Trust has raised its dividend payment by an average of 50.0% annually over the last three years. Independence Realty Trust has a dividend payout ratio of 97.3% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect Independence Realty Trust to earn $0.29 per share next year, which means the company may not be able to cover its $0.72 annual dividend with an expected future payout ratio of 248.3%.
Shares of Independence Realty Trust (NYSE:IRT) traded up 0.80% during midday trading on Monday, reaching $10.06. The company’s stock had a trading volume of 246,324 shares. Independence Realty Trust has a 12-month low of $7.74 and a 12-month high of $10.70. The company’s 50-day moving average price is $9.66 and its 200 day moving average price is $9.25.
Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Tuesday, May 2nd. The real estate investment trust reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. Independence Realty Trust had a return on equity of 3.25% and a net margin of 10.85%. The business had revenue of $38.90 million during the quarter, compared to analysts’ expectations of $38.53 million. During the same quarter last year, the business posted $0.21 EPS. Analysts expect that Independence Realty Trust will post $0.24 EPS for the current fiscal year.
IRT has been the subject of several research reports. Zacks Investment Research raised Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Thursday, April 13th. FBR & Co reissued an “outperform” rating and issued a $10.75 target price on shares of Independence Realty Trust in a research report on Tuesday, July 11th. Finally, JMP Securities reissued an “outperform” rating and issued a $11.50 target price (up previously from $10.50) on shares of Independence Realty Trust in a research report on Friday, June 30th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. Independence Realty Trust currently has a consensus rating of “Buy” and a consensus price target of $10.45.
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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