Independence Realty Trust, Inc. (IRT) Posts Earnings Results

Independence Realty Trust, Inc. (NYSE:IRT) announced its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.01, Morningstar.com reports. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. The business had revenue of $39.43 million during the quarter, compared to the consensus estimate of $39.43 million. During the same period in the prior year, the company earned $0.22 EPS. Independence Realty Trust’s revenue for the quarter was up 2.9% on a year-over-year basis. Independence Realty Trust updated its FY17 guidance to $0.73-0.76 EPS.

Independence Realty Trust (IRT) opened at 10.00 on Friday. Independence Realty Trust has a 12 month low of $7.74 and a 12 month high of $10.70. The stock’s 50 day moving average price is $10.06 and its 200-day moving average price is $9.53.

The business also recently disclosed a monthly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.20%. Independence Realty Trust’s dividend payout ratio (DPR) is -313.03%.

In other Independence Realty Trust news, CEO Scott Schaeffer purchased 35,000 shares of the stock in a transaction on Monday, August 7th. The stock was acquired at an average price of $10.12 per share, with a total value of $354,200.00. Following the transaction, the chief executive officer now directly owns 155,306 shares of the company’s stock, valued at approximately $1,571,696.72. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.58% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRT. Alliancebernstein L.P. increased its position in Independence Realty Trust by 102.9% in the first quarter. Alliancebernstein L.P. now owns 4,075,525 shares of the real estate investment trust’s stock worth $38,188,000 after buying an additional 2,066,401 shares during the period. Global X Management Co. LLC purchased a new position in Independence Realty Trust during the second quarter worth $10,068,000. Nuveen Asset Management LLC increased its position in Independence Realty Trust by 149.6% in the first quarter. Nuveen Asset Management LLC now owns 1,345,558 shares of the real estate investment trust’s stock worth $12,608,000 after buying an additional 806,509 shares during the period. Principal Financial Group Inc. increased its position in Independence Realty Trust by 5,759.7% in the first quarter. Principal Financial Group Inc. now owns 628,800 shares of the real estate investment trust’s stock worth $5,892,000 after buying an additional 618,069 shares during the period. Finally, PVG Asset Management Corp purchased a new position in Independence Realty Trust during the first quarter worth $4,953,000. 71.83% of the stock is owned by institutional investors and hedge funds.

Several brokerages recently weighed in on IRT. ValuEngine downgraded Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. Zacks Investment Research upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research report on Tuesday, July 18th. FBR & Co upgraded Independence Realty Trust from a “market perform” rating to an “outperform” rating and increased their target price for the company from $9.75 to $11.50 in a research report on Thursday, June 15th. JMP Securities reiterated an “outperform” rating and issued a $11.50 target price (up from $10.50) on shares of Independence Realty Trust in a research report on Friday, June 30th. Finally, Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Independence Realty Trust in a research report on Wednesday, August 2nd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $10.45.

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About Independence Realty Trust

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.

Earnings History for Independence Realty Trust (NYSE:IRT)

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