B. Riley Brokers Reduce Earnings Estimates for Independence Realty Trust (IRT)
Independence Realty Trust (NYSE:IRT) – B. Riley reduced their Q2 2018 earnings per share (EPS) estimates for Independence Realty Trust in a report released on Thursday, April 26th. B. Riley analyst C. Kucera now anticipates that the real estate investment trust will post earnings of $0.18 per share for the quarter, down from their previous forecast of $0.19. B. Riley currently has a “Buy” rating and a $11.00 price target on the stock. B. Riley also issued estimates for Independence Realty Trust’s Q4 2018 earnings at $0.19 EPS, FY2018 earnings at $0.75 EPS, Q1 2019 earnings at $0.21 EPS, Q2 2019 earnings at $0.21 EPS, Q3 2019 earnings at $0.22 EPS, Q4 2019 earnings at $0.22 EPS and FY2019 earnings at $0.86 EPS.
Other equities analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 25th. Robert W. Baird set a $10.00 price objective on shares of Independence Realty Trust and gave the company a “buy” rating in a report on Friday, March 2nd. Finally, ValuEngine upgraded shares of Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Independence Realty Trust presently has an average rating of “Buy” and a consensus target price of $11.14.
Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, April 25th. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.14). Independence Realty Trust had a return on equity of 4.82% and a net margin of 17.65%. The firm had revenue of $45.62 million for the quarter, compared to analyst estimates of $44.29 million.
Several institutional investors have recently modified their holdings of IRT. Wells Fargo & Company MN increased its stake in Independence Realty Trust by 59.1% during the 3rd quarter. Wells Fargo & Company MN now owns 172,327 shares of the real estate investment trust’s stock valued at $1,752,000 after purchasing an additional 64,004 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Independence Realty Trust by 283.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 403,883 shares of the real estate investment trust’s stock valued at $4,083,000 after acquiring an additional 298,632 shares during the last quarter. Taylor Frigon Capital Management LLC purchased a new position in shares of Independence Realty Trust in the fourth quarter worth approximately $1,168,000. RMR Advisors LLC boosted its holdings in shares of Independence Realty Trust by 18.3% in the fourth quarter. RMR Advisors LLC now owns 512,361 shares of the real estate investment trust’s stock worth $5,170,000 after buying an additional 79,200 shares during the last quarter. Finally, Strs Ohio boosted its holdings in shares of Independence Realty Trust by 23.8% in the fourth quarter. Strs Ohio now owns 132,549 shares of the real estate investment trust’s stock worth $1,337,000 after buying an additional 25,501 shares during the last quarter. Institutional investors own 79.78% of the company’s stock.
In related news, CEO Scott Schaeffer acquired 15,000 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was acquired at an average cost of $8.33 per share, for a total transaction of $124,950.00. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.61% of the company’s stock.
The company also recently declared a quarterly dividend, which was paid on Friday, April 20th. Shareholders of record on Wednesday, April 4th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, April 3rd. This represents a $0.72 annualized dividend and a yield of 7.63%. Independence Realty Trust’s payout ratio is currently 295.89%.
About Independence Realty Trust
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 55 multifamily apartment properties, totaling 15,045 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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