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

Independence Realty Trust, Inc. (NYSE:IRT) declared a quarterly dividend on Monday, December 16th,RTT News reports. Shareholders of record on Tuesday, December 31st will be given a dividend of 0.16 per share by the real estate investment trust on Friday, January 17th. This represents a $0.64 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date is Tuesday, December 31st.

Independence Realty Trust has increased its dividend by an average of 4.7% per year over the last three years. Independence Realty Trust has a payout ratio of 246.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Independence Realty Trust to earn $1.21 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 52.9%.

Independence Realty Trust Stock Down 2.0 %

Shares of NYSE IRT opened at $19.96 on Friday. The business’s 50 day moving average is $20.71 and its two-hundred day moving average is $19.90. Independence Realty Trust has a 52-week low of $14.07 and a 52-week high of $22.26. The firm has a market cap of $4.49 billion, a price-to-earnings ratio of 18.77, a PEG ratio of 3.07 and a beta of 1.19.

Analysts Set New Price Targets

IRT has been the subject of a number of research analyst reports. BMO Capital Markets upgraded Independence Realty Trust from an “underperform” rating to a “market perform” rating and raised their target price for the company from $19.00 to $21.00 in a report on Friday, November 15th. Barclays began coverage on shares of Independence Realty Trust in a report on Tuesday, December 17th. They issued an “equal weight” rating and a $23.00 price objective for the company. Deutsche Bank Aktiengesellschaft increased their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. KeyCorp boosted their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, JMP Securities increased their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Monday, September 9th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $21.14.

Independence Realty Trust Company Profile

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.