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.
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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