Independence Realty Trust (NYSE:IRT) Updates FY 2020 After-Hours Earnings Guidance

Independence Realty Trust (NYSE:IRT) issued an update on its FY 2020
After-Hours earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.79-0.82 for the period.

Shares of NYSE IRT traded down $0.06 during midday trading on Friday, hitting $16.44. The company’s stock had a trading volume of 602,374 shares, compared to its average volume of 482,877. Independence Realty Trust has a 1-year low of $9.91 and a 1-year high of $16.85. The firm’s fifty day moving average price is $14.60 and its 200-day moving average price is $14.29. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.50 and a current ratio of 0.50. The firm has a market cap of $1.50 billion, a P/E ratio of 41.10 and a beta of 0.76.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.17. Independence Realty Trust had a net margin of 18.23% and a return on equity of 5.97%. The business had revenue of $51.43 million during the quarter, compared to analyst estimates of $52.28 million. As a group, research analysts predict that Independence Realty Trust will post 0.72 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, January 24th. Stockholders of record on Thursday, December 26th were issued a $0.18 dividend. The ex-dividend date was Tuesday, December 24th. This is a positive change from Independence Realty Trust’s previous quarterly dividend of $0.06. This represents a $0.72 annualized dividend and a dividend yield of 4.38%. Independence Realty Trust’s payout ratio is 97.30%.

IRT has been the subject of several research reports. Compass Point lowered shares of Independence Realty Trust from a buy rating to a neutral rating in a report on Thursday, October 31st. Zacks Investment Research lowered shares of Independence Realty Trust from a buy rating to a hold rating in a report on Tuesday, January 28th. JMP Securities lowered shares of Independence Realty Trust from an outperform rating to a market perform rating and set a $12.00 price target for the company. in a report on Monday, October 21st. Finally, TheStreet lowered shares of Independence Realty Trust from a b- rating to a c+ rating in a report on Friday, November 8th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $12.80.

Independence Realty Trust Company Profile

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 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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