Independence Realty Trust, Inc. (IRT) to Issue Quarterly Dividend of $0.16 on October 18th

Independence Realty Trust, Inc. (NYSE:IRT) announced a quarterly dividend on Tuesday, September 17th, NASDAQ reports. Shareholders of record on Monday, September 30th will be given a dividend of 0.16 per share by the real estate investment trust on Friday, October 18th. This represents a $0.64 annualized dividend and a yield of 3.07%. The ex-dividend date is Monday, September 30th.

Independence Realty Trust has increased its dividend payment by an average of 4.7% per year over the last three years. Independence Realty Trust has a dividend payout ratio of 206.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Independence Realty Trust to earn $1.22 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 52.5%.

Independence Realty Trust Stock Performance

IRT opened at $20.85 on Thursday. Independence Realty Trust has a 1 year low of $11.61 and a 1 year high of $21.18. The company’s 50 day simple moving average is $19.69 and its 200 day simple moving average is $17.75. The stock has a market capitalization of $4.69 billion, a PE ratio of -695.00, a P/E/G ratio of 3.00 and a beta of 1.17.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. JMP Securities boosted their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Monday, September 9th. BTIG Research upped their price target on Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. KeyCorp lifted their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.57.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.