Wall Street analysts expect Independence Realty Trust Inc (NYSE:IRT) to post $0.19 earnings per share for the current fiscal quarter, according to Zacks. Seven analysts have made estimates for Independence Realty Trust’s earnings, with the lowest EPS estimate coming in at $0.19 and the highest estimate coming in at $0.20. Independence Realty Trust also reported earnings of $0.19 per share during the same quarter last year. The business is expected to issue its next earnings report on Thursday, November 7th.
According to Zacks, analysts expect that Independence Realty Trust will report full year earnings of $0.76 per share for the current financial year, with EPS estimates ranging from $0.75 to $0.77. For the next fiscal year, analysts expect that the firm will report earnings of $0.82 per share, with EPS estimates ranging from $0.81 to $0.83. Zacks’ earnings per share averages are an average based on a survey of research firms that that provide coverage for Independence Realty Trust.
Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.16 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.03). Independence Realty Trust had a return on equity of 5.88% and a net margin of 18.42%. The business had revenue of $50.85 million during the quarter, compared to analyst estimates of $50.17 million.
In related news, Director Richard H. Ross sold 4,000 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $13.28, for a total transaction of $53,120.00. Following the completion of the sale, the director now directly owns 28,843 shares in the company, valued at $383,035.04. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.69% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of IRT. Renaissance Technologies LLC raised its holdings in Independence Realty Trust by 12.5% during the second quarter. Renaissance Technologies LLC now owns 4,792,513 shares of the real estate investment trust’s stock valued at $55,449,000 after buying an additional 534,219 shares in the last quarter. Morgan Stanley raised its holdings in Independence Realty Trust by 278.6% during the second quarter. Morgan Stanley now owns 512,673 shares of the real estate investment trust’s stock valued at $5,931,000 after buying an additional 377,277 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Independence Realty Trust by 48.0% during the second quarter. Wells Fargo & Company MN now owns 1,038,334 shares of the real estate investment trust’s stock valued at $12,013,000 after buying an additional 336,533 shares in the last quarter. First Trust Advisors LP raised its holdings in Independence Realty Trust by 1,357.0% during the second quarter. First Trust Advisors LP now owns 238,457 shares of the real estate investment trust’s stock valued at $2,759,000 after buying an additional 222,091 shares in the last quarter. Finally, Atlantic Union Bankshares Corp bought a new position in Independence Realty Trust during the second quarter valued at about $2,545,000. Institutional investors own 87.24% of the company’s stock.
Shares of NYSE:IRT traded down $0.10 during midday trading on Tuesday, hitting $14.32. 461,426 shares of the stock were exchanged, compared to its average volume of 482,380. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.60 and a current ratio of 0.60. Independence Realty Trust has a 52-week low of $8.75 and a 52-week high of $14.57. The business’s fifty day simple moving average is $13.72 and its two-hundred day simple moving average is $11.80. The company has a market capitalization of $1.30 billion, a PE ratio of 19.35 and a beta of 0.77.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, September 27th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, September 26th. This represents a $0.72 annualized dividend and a dividend yield of 5.03%. 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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