Independence Realty Trust (NYSE:IRT) Releases Fiscal 2022 Earnings Forecast
Independence Realty Trust (NYSE: IRT – Get a rating) updated its earnings guidance for fiscal 2022 on Tuesday. The company provided EPS guidance of $1.06 to $1.08 for the period. The company released a revenue forecast of -.
Analyst upgrades and downgrades
A number of research firms have commented on the IRT. Jefferies Financial Group cut its price target on Independence Realty Trust from $27.00 to $24.00 and set a buy rating on the stock in a Thursday, June 30 research report. Compass Point set a price target of $24.50 on Independence Realty Trust in a Monday, June 20 research report. TheStreet downgraded Independence Realty Trust from a b- to a c+ rating in a research report on Tuesday, May 31. KeyCorp cut its price target on Independence Realty Trust from $29.00 to $25.00 and set an overweight rating on the stock in a Tuesday, June 28 research report. To finish, StockNews.com upgraded Independence Realty Trust to a sell rating in a Tuesday, Aug. 9, research report. One investment analyst has assigned the stock a sell rating, two have issued a hold rating and nine have assigned the company a buy rating. According to data from MarketBeat, Independence Realty Trust has a Moderate Buy consensus rating and a consensus price target of $26.72.
Independence Realty Trust trades up 0.2%
Shares of Independence Realty Trust opened at $18.87 on Tuesday. The company’s 50-day simple moving average is $20.74 and its 200-day simple moving average is $23.03. The stock has a market capitalization of $4.19 billion, a price/earnings ratio of 29.03, a PEG ratio of 8.75 and a beta of 0.94. Independence Realty Trust has a 12-month low of $18.39 and a 12-month high of $28.42.
Independence Realty Trust Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, October 21. Investors of record on Friday, September 30 will receive a dividend of $0.14. This represents an annualized dividend of $0.56 and a yield of 2.97%. The ex-date of this dividend is Thursday, September 29. Independence Realty Trust’s dividend payout ratio is currently 86.15%.
Independence Realty Trust Institutional Trading
Several large investors have recently increased or reduced their stake in IRT. Raymond James Financial Services Advisors Inc. increased its position in Independence Realty Trust by 58.8% in Q1. Raymond James Financial Services Advisors Inc. now owns 59,048 shares of the real estate investment trust worth $1,561,000 after acquiring an additional 21,858 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Independence Realty Trust by 174.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 19,091 shares of the real estate investment trust worth $504,000 after acquiring 12,126 additional shares in the last quarter. Bank of Montreal Can increased its stake in shares of Independence Realty Trust by 104.2% during the 1st quarter. Bank of Montreal Can now owns 190,015 shares of the real estate investment trust worth $5,102,000 after acquiring an additional 96,945 shares last quarter. MetLife Investment Management LLC increased its position in shares of Independence Realty Trust by 219.8% in the first quarter. MetLife Investment Management LLC now owns 116,831 shares of the real estate investment trust worth $3,089,000 after purchasing an additional 80,293 shares during the period. Finally, Rhumbline Advisers increased its position in Independence Realty Trust shares by 105.9% in the first quarter. Rhumbline Advisers now owns 621,639 shares of the real estate investment trust worth $16,436,000 after purchasing an additional 319,772 shares during the period. 83.09% of the shares are currently held by institutional investors and hedge funds.
About Independence Realty Trust
Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment buildings in non-gateway U.S. markets, including Atlanta, Louisville, Memphis and Raleigh. IRT’s investment strategy is focused on growth within key amenity-rich submarkets that offer good school districts, high-quality retail and large employment centers.
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