Todays Report: The Independence Realty Trust Inc. (IRT) Posts Earnings Results, Misses Expectations By $0.01 EPS

The Independence Realty Trust Inc. (IRT) Posts  Earnings Results, Misses Expectations By $0.01 EPS

Independence Realty Trust Inc. (NYSEMKT:IRT) released its quarterly earnings results on Friday. The real estate investment trust reported $0.21 EPS for the quarter, missing the consensus estimate of $0.22 by $0.01. The company had revenue of $38.40 million for the quarter, compared to analysts’ expectations of $38.95 million. During the same period last year, the business posted $0.20 EPS. Independence Realty Trust’s revenue was up 50.6% compared to the same quarter last year. Independence Realty Trust updated its FY16 guidance to $0.77-0.79 EPS.

Shares of Independence Realty Trust (NYSEMKT:IRT) opened at 8.39 on Monday. Independence Realty Trust has a 52 week low of $5.97 and a 52 week high of $10.70. The company has a 50-day moving average of $9.26 and a 200-day moving average of $8.51.

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, December 15th. Investors of record on Wednesday, November 30th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Monday, November 28th. This represents a $0.72 dividend on an annualized basis and a yield of 8.58%. Independence Realty Trust’s payout ratio is 53.73%.

In other Independence Realty Trust news, major shareholder Rait Financial Trust sold 7,269,719 shares of Independence Realty Trust stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $8.55, for a total value of $62,156,097.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

A number of large investors have recently bought and sold shares of IRT. Vanguard Group Inc. boosted its stake in shares of Independence Realty Trust by 4.1% in the second quarter. Vanguard Group Inc. now owns 1,249,004 shares of the real estate investment trust’s stock worth $10,217,000 after buying an additional 49,152 shares in the last quarter. BlackRock Fund Advisors boosted its stake in shares of Independence Realty Trust by 26.1% in the second quarter. BlackRock Fund Advisors now owns 1,093,003 shares of the real estate investment trust’s stock worth $8,941,000 after buying an additional 225,907 shares in the last quarter. Hilton Capital Management LLC bought a new stake in shares of Independence Realty Trust during the third quarter worth $8,125,000. Raymond James & Associates boosted its stake in shares of Independence Realty Trust by 2.4% in the second quarter. Raymond James & Associates now owns 803,761 shares of the real estate investment trust’s stock worth $6,575,000 after buying an additional 18,698 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its stake in shares of Independence Realty Trust by 26.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 798,100 shares of the real estate investment trust’s stock worth $7,183,000 after buying an additional 167,000 shares in the last quarter.

A number of equities analysts have commented on the stock. Zacks Investment Research downgraded shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Thursday, July 7th. FBR & Co upped their price target on shares of Independence Realty Trust from $8.00 to $9.50 and gave the stock a “mkt perform” rating in a research note on Thursday, August 4th. Finally, TheStreet raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Friday, August 12th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $10.00.

Related posts

Leave a Comment