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

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

Independence Realty Trust Price Performance

NYSE IRT traded down $0.08 during midday trading on Wednesday, hitting $20.09. 2,242,181 shares of the company traded hands, compared to its average volume of 1,556,885. Independence Realty Trust has a 52 week low of $14.07 and a 52 week high of $22.26. The company’s 50-day simple moving average is $19.80 and its 200-day simple moving average is $20.06. The company has a market cap of $4.52 billion, a PE ratio of 17.43, a price-to-earnings-growth ratio of 2.77 and a beta of 1.21.

Independence Realty Trust Announces Dividend

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

Analysts Set New Price Targets

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

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.