Independence Realty Trust (NYSE:IRT) Announces Earnings Results

Independence Realty Trust (NYSE:IRT) posted 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 net margin of 0.03% and a negative return on equity of 0.01%.

Independence Realty Trust Stock Down 0.4 %

Shares of Independence Realty Trust stock traded down $0.08 during trading on Wednesday, hitting $20.09. 2,242,181 shares of the stock traded hands, compared to its average volume of 1,535,919. The firm’s fifty day moving average is $19.80 and its 200-day moving average is $20.06. The stock has a market cap of $4.52 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 2.77 and a beta of 1.21. Independence Realty Trust has a 52 week low of $14.07 and a 52 week high of $22.26.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend was Tuesday, December 31st.

Analysts Set New Price Targets

IRT has been the topic of several research reports. Barclays lowered 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 research report on Friday, January 24th. BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $19.00 to $21.00 in a report on Friday, November 15th. Finally, JMP Securities restated a “market outperform” rating and issued a $22.00 target price on shares of Independence Realty Trust in a research note on Tuesday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $20.86.

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.