Independence Realty Trust Inc (IRT) Plans Monthly Dividend of $0.06
Independence Realty Trust Inc (NYSE:IRT) announced a monthly dividend on Monday, July 17th, Wall Street Journal reports. Investors of record on Thursday, August 31st will be paid a dividend of 0.06 per share by the real estate investment trust on Friday, September 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.14%. The ex-dividend date of this dividend is Tuesday, August 29th.
Independence Realty Trust has increased its dividend by an average of 50.0% annually over the last three years. Independence Realty Trust has a dividend payout ratio of 97.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Independence Realty Trust to earn $0.29 per share next year, which means the company may not be able to cover its $0.72 annual dividend with an expected future payout ratio of 248.3%.
Shares of Independence Realty Trust (NYSE IRT) opened at 10.09 on Tuesday. The company has a 50 day moving average of $9.66 and a 200-day moving average of $9.25. Independence Realty Trust has a one year low of $7.74 and a one year high of $10.70.
Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Tuesday, May 2nd. The real estate investment trust reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. The company had revenue of $38.90 million during the quarter, compared to analysts’ expectations of $38.53 million. Independence Realty Trust had a return on equity of 3.25% and a net margin of 10.85%. During the same quarter in the previous year, the business earned $0.21 EPS. Equities analysts anticipate that Independence Realty Trust will post $0.24 earnings per share for the current fiscal year.
Several research firms have commented on IRT. Zacks Investment Research cut Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. FBR & Co restated an “outperform” rating and issued a $10.75 price target on shares of Independence Realty Trust in a report on Tuesday, July 11th. Finally, JMP Securities restated an “outperform” rating and issued a $11.50 price target (up previously from $10.50) on shares of Independence Realty Trust in a report on Friday, June 30th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price 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.
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