Independence Realty Trust, Inc. (NYSE:IRT) Announces $0.16 Quarterly Dividend

Independence Realty Trust, Inc. (NYSE:IRT) declared a quarterly dividend on Tuesday, September 17th, NASDAQ reports. Stockholders of record on Monday, September 30th will be given a dividend of 0.16 per share by the real estate investment trust on Friday, October 18th. This represents a $0.64 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Monday, September 30th.

Independence Realty Trust has raised its dividend payment by an average of 4.7% annually over the last three years. Independence Realty Trust has a dividend payout ratio of 206.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Independence Realty Trust to earn $1.22 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 52.5%.

Independence Realty Trust Stock Down 0.1 %

IRT opened at $20.49 on Friday. The company’s 50-day moving average price is $19.96 and its 200 day moving average price is $17.99. Independence Realty Trust has a fifty-two week low of $11.61 and a fifty-two week high of $21.20. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of -683.00, a price-to-earnings-growth ratio of 3.10 and a beta of 1.17.

Analysts Set New Price Targets

Several analysts recently issued reports on IRT shares. KeyCorp raised their price target on Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. BTIG Research raised their target price on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, JMP Securities lifted their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report on Monday, September 9th. Two analysts have rated the stock with a sell rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.57.

About Independence Realty Trust

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.