Independence Realty Trust, Inc. (IRT) to Issue Quarterly Dividend of $0.16 on January 17th

Independence Realty Trust, Inc. (NYSE:IRT) announced a quarterly dividend on Monday, December 16th,RTT News reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.16 per share by the real estate investment trust on Friday, January 17th. This represents a $0.64 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend is Tuesday, December 31st.

Independence Realty Trust has raised its dividend payment by an average of 4.7% annually over the last three years. Independence Realty Trust has a dividend payout ratio of 237.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Independence Realty Trust to earn $1.21 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 52.9%.

Independence Realty Trust Price Performance

IRT opened at $21.18 on Wednesday. The business has a 50-day moving average of $20.60 and a 200-day moving average of $19.76. Independence Realty Trust has a fifty-two week low of $14.07 and a fifty-two week high of $22.26. The company has a market capitalization of $4.77 billion, a PE ratio of 78.44, a price-to-earnings-growth ratio of 3.07 and a beta of 1.19.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. KeyCorp upped their price target on Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Barclays began coverage on Independence Realty Trust in a report on Tuesday. They issued an “equal weight” rating and a $23.00 target price for the company. BMO Capital Markets raised shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and lifted their price target for the company from $19.00 to $21.00 in a research report on Friday, November 15th. Finally, JMP Securities raised their target price 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. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.14.

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.