Independence Realty Trust (IRT) Expected to Post Quarterly Sales of $46.17 Million

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Equities analysts expect Independence Realty Trust (NYSE:IRT) to report sales of $46.17 million for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Independence Realty Trust’s earnings, with the highest sales estimate coming in at $48.57 million and the lowest estimate coming in at $41.00 million. Independence Realty Trust reported sales of $39.43 million in the same quarter last year, which would suggest a positive year over year growth rate of 17.1%. The company is expected to report its next earnings report on Tuesday, August 7th.

On average, analysts expect that Independence Realty Trust will report full-year sales of $184.75 million for the current year, with estimates ranging from $164.29 million to $192.90 million. For the next fiscal year, analysts expect that the firm will report sales of $195.01 million per share, with estimates ranging from $169.49 million to $203.92 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Independence Realty Trust.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Wednesday, April 25th. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.14). The company had revenue of $45.62 million during the quarter, compared to analysts’ expectations of $44.29 million. Independence Realty Trust had a net margin of 17.65% and a return on equity of 4.82%.

A number of research analysts recently issued reports on IRT shares. B. Riley set a $12.00 target price on Independence Realty Trust and gave the company a “buy” rating in a report on Wednesday, February 21st. ValuEngine upgraded Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 7th. Robert W. Baird set a $10.00 target price on Independence Realty Trust and gave the company a “buy” rating in a report on Friday, March 2nd. Finally, Zacks Investment Research upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Thursday. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Independence Realty Trust presently has an average rating of “Buy” and a consensus target price of $11.14.

Independence Realty Trust opened at $9.72 on Thursday, MarketBeat Ratings reports. The firm has a market capitalization of $824.51 million, a P/E ratio of 13.32 and a beta of 0.86. Independence Realty Trust has a 12-month low of $8.26 and a 12-month high of $10.63. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 1.42.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Aperio Group LLC purchased a new stake in Independence Realty Trust during the 1st quarter worth about $104,000. CIBC Asset Management Inc purchased a new stake in Independence Realty Trust during the 4th quarter worth about $110,000. Oppenheimer & Co. Inc. purchased a new stake in Independence Realty Trust during the 1st quarter worth about $111,000. Amalgamated Bank purchased a new stake in Independence Realty Trust during the 4th quarter worth about $121,000. Finally, Royal Bank of Canada lifted its holdings in Independence Realty Trust by 70.9% during the 1st quarter. Royal Bank of Canada now owns 14,522 shares of the real estate investment trust’s stock worth $133,000 after buying an additional 6,027 shares during the last quarter. 79.02% of the stock is owned by institutional investors.

About Independence Realty Trust

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 55 multifamily apartment properties, totaling 15,045 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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Earnings History and Estimates for Independence Realty Trust (NYSE:IRT)

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