Independence Realty Trust (NYSE:IRT) Posts Quarterly Earnings Results, Beats Expectations By $0.24 EPS

Independence Realty Trust (NYSE:IRT) posted its quarterly earnings results on Wednesday. The real estate investment trust reported $0.32 EPS for the quarter, beating the consensus estimate of $0.08 by $0.24, Zacks reports. Independence Realty Trust had a negative net margin of 0.03% and a negative return on equity of 0.01%.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT traded down $0.08 during midday trading on Wednesday, hitting $20.09. The company’s stock had a trading volume of 2,242,181 shares, compared to its average volume of 1,556,885. Independence Realty Trust has a 12-month low of $14.07 and a 12-month high of $22.26. The company has a market cap of $4.52 billion, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 2.77 and a beta of 1.21. The business’s 50 day simple moving average is $19.80 and its 200 day simple moving average is $20.06.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend was Tuesday, December 31st.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IRT. Barclays cut their target price on shares of Independence Realty Trust from $23.00 to $21.00 and set an “equal weight” rating for the company in a report on Friday, January 24th. JMP Securities reaffirmed a “market outperform” rating and issued a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday. Finally, BMO Capital Markets raised shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $19.00 to $21.00 in a research note on Friday, November 15th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.86.

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.