Independence Realty Trust Inc (IRT) Issues FY17 Earnings Guidance
Independence Realty Trust Inc (NYSE:IRT) updated its FY17 earnings guidance on Tuesday. The company provided EPS guidance of $0.73-0.76 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.74.
Independence Realty Trust Inc (NYSE IRT) traded down 2.25% on Tuesday, reaching $9.99. The company’s stock had a trading volume of 263,339 shares. The firm’s 50 day moving average price is $10.33 and its 200-day moving average price is $9.94. Independence Realty Trust Inc has a 52 week low of $7.74 and a 52 week high of $10.63.
Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The firm had revenue of $39.43 million during the quarter, compared to the consensus estimate of $39.43 million. Independence Realty Trust had a return on equity of 14.97% and a net margin of 49.34%. Independence Realty Trust’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.22 earnings per share. On average, analysts expect that Independence Realty Trust Inc will post $0.46 EPS for the current year.
The firm also recently declared a monthly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be issued a $0.06 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 7.05%. The ex-dividend date of this dividend is Thursday, December 28th. Independence Realty Trust’s dividend payout ratio is currently -313.03%.
A number of research firms have commented on IRT. BidaskClub raised Independence Realty Trust from a hold rating to a buy rating in a report on Saturday, August 12th. FBR & Co reaffirmed a buy rating and set a $11.50 target price on shares of Independence Realty Trust in a report on Tuesday, September 12th. Ladenburg Thalmann Financial Services reaffirmed a buy rating on shares of Independence Realty Trust in a report on Wednesday, August 2nd. Zacks Investment Research downgraded Independence Realty Trust from a buy rating to a hold rating in a report on Thursday, August 24th. Finally, Robert W. Baird reaffirmed a buy rating and set a $11.00 target price on shares of Independence Realty Trust in a report on Tuesday, October 17th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Independence Realty Trust currently has a consensus rating of Buy and an average target price of $11.00.
In other news, CEO Scott Schaeffer bought 35,000 shares of Independence Realty Trust stock in a transaction on Monday, August 7th. The shares were bought at an average price of $10.12 per share, with a total value of $354,200.00. Following the acquisition, the chief executive officer now directly owns 155,306 shares in the company, valued at approximately $1,571,696.72. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.58% of the company’s stock.
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Independence Realty Trust Company Profile
Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.
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