Zacks: Analysts Anticipate Independence Realty Trust (IRT) to Post $0.18 Earnings Per Share

Analysts expect Independence Realty Trust (NYSE:IRT) to post $0.18 earnings per share (EPS) for the current quarter, Zacks reports. Five analysts have issued estimates for Independence Realty Trust’s earnings. The lowest EPS estimate is $0.17 and the highest is $0.19. Independence Realty Trust also posted earnings per share of $0.18 during the same quarter last year. The business is expected to report its next earnings results on Tuesday, May 1st.

On average, analysts expect that Independence Realty Trust will report full-year earnings of $0.75 per share for the current fiscal year, with EPS estimates ranging from $0.72 to $0.78. For the next fiscal year, analysts forecast that the company will report earnings of $0.81 per share, with EPS estimates ranging from $0.75 to $0.89. Zacks’ EPS calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Independence Realty Trust.

How to Become a New Pot Stock Millionaire

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Tuesday, February 20th. The real estate investment trust reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Independence Realty Trust had a net margin of 18.80% and a return on equity of 5.17%. The firm had revenue of $42.31 million during the quarter, compared to analysts’ expectations of $43.59 million. During the same quarter last year, the firm earned $0.17 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year.

A number of research analysts have commented on IRT shares. Zacks Investment Research upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, January 9th. ValuEngine upgraded Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 31st. B. Riley set a $12.00 target price on Independence Realty Trust and gave the company a “buy” rating in a research note on Wednesday, February 21st. Finally, Robert W. Baird set a $10.00 target price on Independence Realty Trust and gave the company a “buy” rating in a research note on Friday, March 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $11.29.

NYSE IRT traded up $0.02 on Friday, reaching $9.47. The stock had a trading volume of 407,012 shares, compared to its average volume of 652,727. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.43 and a quick ratio of 0.43. Independence Realty Trust has a 1 year low of $8.26 and a 1 year high of $10.63. The company has a market capitalization of $811.39, a P/E ratio of 13.00 and a beta of 0.86.

The company also recently announced a quarterly dividend, which will be paid on Friday, April 20th. Shareholders of record on Wednesday, April 4th will be paid a $0.18 dividend. The ex-dividend date is Tuesday, April 3rd. This represents a $0.72 dividend on an annualized basis and a yield of 7.60%. Independence Realty Trust’s dividend payout ratio (DPR) is currently 295.89%.

In related news, CEO Scott Schaeffer purchased 15,000 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was bought at an average price of $8.33 per share, for a total transaction of $124,950.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.61% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of Independence Realty Trust by 11.0% during the 4th quarter. BlackRock Inc. now owns 12,188,828 shares of the real estate investment trust’s stock worth $122,984,000 after acquiring an additional 1,206,269 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Independence Realty Trust by 25.9% during the 4th quarter. Jennison Associates LLC now owns 1,573,435 shares of the real estate investment trust’s stock worth $15,876,000 after acquiring an additional 323,435 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Independence Realty Trust by 1.2% during the 4th quarter. Bank of New York Mellon Corp now owns 1,327,132 shares of the real estate investment trust’s stock worth $13,390,000 after acquiring an additional 15,423 shares in the last quarter. Raymond James & Associates boosted its stake in shares of Independence Realty Trust by 0.8% during the 4th quarter. Raymond James & Associates now owns 1,071,858 shares of the real estate investment trust’s stock worth $10,815,000 after acquiring an additional 8,386 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Independence Realty Trust by 121.7% during the 4th quarter. Renaissance Technologies LLC now owns 994,095 shares of the real estate investment trust’s stock worth $10,030,000 after acquiring an additional 545,700 shares in the last quarter. Institutional investors own 79.85% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This report was originally published by Week Herald and is the sole property of of Week Herald. If you are reading this report on another website, it was illegally stolen and reposted in violation of U.S. & international trademark and copyright legislation. The legal version of this report can be read at https://weekherald.com/2018/04/13/zacks-analysts-anticipate-independence-realty-trust-irt-to-post-0-18-earnings-per-share.html.

Independence Realty Trust Company Profile

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.

Get a free copy of the Zacks research report on Independence Realty Trust (IRT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Independence Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply