Independence Realty Trust (NYSE:IRT) Releases FY 2024 Earnings Guidance

Independence Realty Trust (NYSE:IRT) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 1.155-1.165 for the period, compared to the consensus EPS estimate of 1.150. The company issued revenue guidance of -. Independence Realty Trust also updated its FY33 guidance to $1.155-$1.165 EPS.

Independence Realty Trust Price Performance

NYSE IRT traded down $0.56 during mid-day trading on Friday, reaching $19.06. 1,889,971 shares of the stock were exchanged, compared to its average volume of 2,272,771. The stock has a market cap of $4.29 billion, a P/E ratio of 17.33, a P/E/G ratio of 2.88 and a beta of 1.17. The stock has a 50 day simple moving average of $20.11 and a 200-day simple moving average of $18.63. Independence Realty Trust has a one year low of $12.50 and a one year high of $21.20.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Monday, September 30th.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on IRT shares. BTIG Research increased their target price on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. KeyCorp lifted their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. JMP Securities raised 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 note on Monday, September 9th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price 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. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average 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.