Independence Realty Trust (NYSE:IRT) Releases Earnings Results, Misses Expectations By $0.18 EPS

Independence Realty Trust (NYSE:IRT) released its quarterly earnings results on Wednesday. The real estate investment trust reported $0.14 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.18), FiscalAI reports. The business had revenue of $167.13 million during the quarter, compared to analyst estimates of $170.26 million. Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.

Independence Realty Trust Trading Down 1.4%

Shares of Independence Realty Trust stock traded down $0.25 during trading on Wednesday, reaching $16.81. The stock had a trading volume of 3,581,594 shares, compared to its average volume of 2,571,475. The company has a market capitalization of $4.02 billion, a price-to-earnings ratio of 168.16, a P/E/G ratio of 2.04 and a beta of 1.00. Independence Realty Trust has a 52 week low of $15.06 and a 52 week high of $21.86. The stock has a fifty day moving average price of $17.01 and a two-hundred day moving average price of $16.90.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 23rd. Investors of record on Wednesday, December 31st were paid a $0.17 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.68 dividend on an annualized basis and a yield of 4.0%. Independence Realty Trust’s dividend payout ratio is presently 680.00%.

Institutional Trading of Independence Realty Trust

Several institutional investors and hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC acquired a new stake in Independence Realty Trust during the 1st quarter worth approximately $209,000. Goldman Sachs Group Inc. lifted its holdings in shares of Independence Realty Trust by 16.7% in the first quarter. Goldman Sachs Group Inc. now owns 2,935,487 shares of the real estate investment trust’s stock worth $62,320,000 after acquiring an additional 420,682 shares during the last quarter. American Century Companies Inc. boosted its position in Independence Realty Trust by 1.1% in the second quarter. American Century Companies Inc. now owns 70,678 shares of the real estate investment trust’s stock valued at $1,250,000 after buying an additional 789 shares in the last quarter. Invesco Ltd. increased its holdings in Independence Realty Trust by 13.0% in the 2nd quarter. Invesco Ltd. now owns 1,139,216 shares of the real estate investment trust’s stock worth $20,153,000 after purchasing an additional 131,444 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Independence Realty Trust by 63.3% in the 2nd quarter. First Trust Advisors LP now owns 196,463 shares of the real estate investment trust’s stock valued at $3,475,000 after buying an additional 76,147 shares during the last quarter. Institutional investors own 88.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Independence Realty Trust in a research note on Monday, December 29th. Barclays lifted their target price on shares of Independence Realty Trust from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 25th. Wall Street Zen lowered Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Deutsche Bank Aktiengesellschaft lowered Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 price objective for the company. in a report on Tuesday, January 20th. Finally, Zacks Research lowered shares of Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.35.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.