Independence Realty Trust, Inc. (NYSE:IRT) to Issue $0.16 Quarterly Dividend

Independence Realty Trust, Inc. (NYSE:IRT) announced a quarterly dividend on Tuesday, September 17th, NASDAQ reports. Investors of record on Monday, September 30th will be paid 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 of this dividend is Monday, September 30th.

Independence Realty Trust has increased its dividend by an average of 4.7% annually 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. 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

NYSE IRT traded down $0.02 during trading hours on Wednesday, hitting $20.85. The company had a trading volume of 1,507,200 shares, compared to its average volume of 2,294,355. The business has a 50 day moving average of $19.64 and a 200-day moving average of $17.73. The company has a market cap of $4.69 billion, a PE ratio of -696.17, a price-to-earnings-growth ratio of 3.00 and a beta of 1.17. Independence Realty Trust has a 1-year low of $11.61 and a 1-year high of $21.18.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on IRT. BTIG Research upped their target price on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 12th. JMP Securities raised their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Monday, September 9th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, KeyCorp raised their price objective 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. Two investment analysts have rated the stock with a sell rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.57.

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.