Wall Street analysts expect Independence Realty Trust Inc (NYSE:IRT) to post sales of $47.88 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Independence Realty Trust’s earnings, with estimates ranging from $46.07 million to $49.20 million. Independence Realty Trust reported sales of $42.31 million in the same quarter last year, which would suggest a positive year over year growth rate of 13.2%. The business is scheduled to issue its next earnings results on Tuesday, February 19th.
According to Zacks, analysts expect that Independence Realty Trust will report full year sales of $188.75 million for the current financial year, with estimates ranging from $186.64 million to $190.60 million. For the next fiscal year, analysts expect that the business will post sales of $196.74 million, with estimates ranging from $187.21 million to $204.84 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Independence Realty Trust.
Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Thursday, November 1st. The real estate investment trust reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.14). Independence Realty Trust had a return on equity of 2.83% and a net margin of 9.81%. The business had revenue of $48.78 million during the quarter, compared to analyst estimates of $47.84 million.
Several research analysts recently commented on IRT shares. Boenning Scattergood set a $11.00 price target on Independence Realty Trust and gave the stock a “buy” rating in a research note on Friday, November 2nd. Compass Point reiterated a “buy” rating on shares of Independence Realty Trust in a research note on Friday, August 3rd. B. Riley cut their price target on Independence Realty Trust from $11.00 to $10.50 and set a “buy” rating on the stock in a research note on Monday, November 5th. Zacks Investment Research cut Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, July 26th. Finally, Citigroup started coverage on Independence Realty Trust in a research note on Tuesday, October 16th. They issued a “neutral” rating and a $10.25 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $10.79.
NYSE:IRT opened at $9.99 on Friday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.24 and a current ratio of 0.24. Independence Realty Trust has a one year low of $8.26 and a one year high of $10.63. The stock has a market capitalization of $856.31 million, a P/E ratio of 13.68 and a beta of 0.82.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Investors of record on Friday, October 5th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 7.21%. The ex-dividend date was Thursday, October 4th. Independence Realty Trust’s dividend payout ratio is currently 98.63%.
In related news, Director Richard H. Ross sold 7,966 shares of the business’s stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $9.51, for a total value of $75,756.66. Following the completion of the sale, the director now directly owns 33,369 shares of the company’s stock, valued at $317,339.19. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.61% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its holdings in Independence Realty Trust by 6.8% in the third quarter. BlackRock Inc. now owns 15,592,744 shares of the real estate investment trust’s stock valued at $164,192,000 after buying an additional 996,693 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Independence Realty Trust by 1.5% in the third quarter. Alliancebernstein L.P. now owns 5,622,096 shares of the real estate investment trust’s stock valued at $59,201,000 after buying an additional 85,630 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Independence Realty Trust by 28.0% in the first quarter. Principal Financial Group Inc. now owns 3,267,283 shares of the real estate investment trust’s stock valued at $29,994,000 after buying an additional 715,305 shares during the last quarter. Northern Trust Corp increased its holdings in Independence Realty Trust by 39.6% in the second quarter. Northern Trust Corp now owns 1,929,403 shares of the real estate investment trust’s stock valued at $19,892,000 after buying an additional 547,081 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Independence Realty Trust by 68.0% in the second quarter. Renaissance Technologies LLC now owns 1,885,000 shares of the real estate investment trust’s stock valued at $19,434,000 after buying an additional 763,200 shares during the last quarter. 83.44% of the stock is owned by hedge funds and other institutional investors.
About Independence Realty Trust
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 58 multifamily apartment properties, totaling 15,860 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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