Independence Realty Trust, Inc. (NYSE:IRT) Increases Dividend to $0.18 Per Share

by · The Cerbat Gem

Independence Realty Trust, Inc. (NYSE:IRT – Get Free Report) declared a quarterly dividend on Wednesday, May 13th. Investors of record on Friday, June 26th will be paid a dividend of 0.18 per share by the real estate investment trust on Friday, July 17th. This represents a c) dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Friday, June 26th. This is a 5.9% increase from Independence Realty Trust’s previous quarterly dividend of $0.17.

Independence Realty Trust has raised its dividend by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 3 consecutive years. Independence Realty Trust has a payout ratio of 234.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Independence Realty Trust to earn $1.20 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 56.7%.

Independence Realty Trust Trading Down 1.0%

IRT stock opened at $16.30 on Thursday. Independence Realty Trust has a 12-month low of $14.60 and a 12-month high of $19.61. The business’s 50-day moving average is $15.77 and its 200 day moving average is $16.42. The stock has a market cap of $3.84 billion, a price-to-earnings ratio of 81.52, a PEG ratio of 1.84 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT – Get Free Report) last announced its earnings results on Wednesday, April 29th. The real estate investment trust reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.23. The business had revenue of $165.32 million during the quarter, compared to analysts’ expectations of $166.35 million. Independence Realty Trust had a return on equity of 1.35% and a net margin of 7.27%.The business’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.27 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.120-1.160 EPS. As a group, equities analysts forecast that Independence Realty Trust will post 1.14 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on IRT. Wall Street Zen lowered Independence Realty Trust from a “sell” rating to a “strong sell” rating in a report on Saturday, May 2nd. Deutsche Bank Aktiengesellschaft cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a research report on Tuesday, January 20th. Zacks Research raised shares of Independence Realty Trust from a “strong sell” rating to a “hold” rating in a research note on Monday, March 23rd. Weiss Ratings lowered shares of Independence Realty Trust from a “hold (c)” rating to a “sell (d+)” rating in a research report on Monday, May 4th. Finally, Barclays increased their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Monday. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $20.06.

Read Our Latest Research Report on IRT

Independence Realty Trust Company Profile

(Get Free Report)

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.

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