Independence Realty Trust Inc (NYSE:IRT) Announces Quarterly Dividend of $0.18

Independence Realty Trust Inc (NYSE:IRT) announced a quarterly dividend on Thursday, September 12th, Zacks reports. Investors of record on Friday, September 27th will be given a dividend of 0.18 per share by the real estate investment trust on Friday, October 25th. This represents a $0.72 dividend on an annualized basis and a yield of 5.02%. The ex-dividend date is Thursday, September 26th.

Independence Realty Trust has decreased its dividend by an average of 5.9% annually over the last three years. Independence Realty Trust has a payout ratio of 96.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities research analysts expect Independence Realty Trust to earn $0.79 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 91.1%.

NYSE IRT traded down $0.09 during trading on Tuesday, hitting $14.33. 12,525 shares of the company traded hands, compared to its average volume of 565,180. Independence Realty Trust has a 12 month low of $8.75 and a 12 month high of $14.57. The business has a fifty day simple moving average of $13.72 and a 200 day simple moving average of $11.80. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.63. The company has a market capitalization of $1.30 billion, a P/E ratio of 19.36 and a beta of 0.77.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.03). Independence Realty Trust had a net margin of 18.42% and a return on equity of 5.88%. The company had revenue of $50.85 million for the quarter, compared to the consensus estimate of $50.17 million. Equities research analysts predict that Independence Realty Trust will post 0.72 EPS for the current fiscal year.

In other news, Director Richard H. Ross sold 4,000 shares of Independence Realty Trust stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $13.28, for a total value of $53,120.00. Following the transaction, the director now directly owns 28,843 shares in the company, valued at $383,035.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.69% of the stock is owned by company insiders.

Several equities analysts have weighed in on IRT shares. TheStreet upgraded Independence Realty Trust from a “c” rating to a “b-” rating in a report on Thursday, August 1st. Capital One Financial restated an “equal weight” rating on shares of Independence Realty Trust in a report on Monday, September 16th. Finally, Zacks Investment Research lowered Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Saturday. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $11.35.

Independence Realty Trust Company Profile

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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Dividend History for Independence Realty Trust (NYSE:IRT)

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