Independence Realty Trust, Inc. Plans Quarterly Dividend of $0.16 (NYSE:IRT)

Independence Realty Trust, Inc. (NYSE:IRT) announced a quarterly dividend on Monday, December 16th,RTT News reports. Stockholders of record on Tuesday, December 31st will be paid a dividend of 0.16 per share by the real estate investment trust on Friday, January 17th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.97%.

Independence Realty Trust has increased its dividend by an average of 4.7% annually over the last three years. Independence Realty Trust has a payout ratio of 237.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Independence Realty Trust to earn $1.21 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 52.9%.

Independence Realty Trust Trading Up 0.7 %

Shares of IRT opened at $21.54 on Tuesday. The business’s 50 day moving average is $20.56 and its 200 day moving average is $19.72. Independence Realty Trust has a 12-month low of $14.07 and a 12-month high of $22.26. The company has a market capitalization of $4.85 billion, a PE ratio of 79.78, a price-to-earnings-growth ratio of 3.07 and a beta of 1.19.

Analyst Ratings Changes

Several brokerages recently weighed in on IRT. KeyCorp boosted their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $19.00 to $21.00 in a research note on Friday, November 15th. JMP Securities raised their price objective on 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. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.43.

About Independence Realty Trust

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.