Capital One Financial Analysts Lift Earnings Estimates for Independence Realty Trust, Inc. (NYSE:IRT)


Independence Realty Trust, Inc. (NYSE:IRTGet Rating) – Research analysts at Capital One Financial increased their FY2022 earnings per share (EPS) estimates for shares of Independence Realty Trust in a research note issued to investors on Thursday, May 19th. Capital One Financial analyst N. Malkin now expects that the real estate investment trust will post earnings per share of $1.07 for the year, up from their prior forecast of $1.05. Capital One Financial also issued estimates for Independence Realty Trust’s Q1 2023 earnings at $0.29 EPS, FY2023 earnings at $1.19 EPS, Q1 2024 earnings at $0.32 EPS and FY2024 earnings at $1.31 EPS.

Independence Realty Trust (NYSE:IRTGet Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.09. Independence Realty Trust had a net margin of 34.18% and a return on equity of 5.34%. During the same period in the prior year, the firm earned $0.18 earnings per share.

IRT has been the subject of several other reports. Jefferies Financial Group began coverage on shares of Independence Realty Trust in a research note on Friday, April 22nd. They set a “buy” rating and a $32.00 price objective for the company. Barclays lowered their price objective on shares of Independence Realty Trust from $30.00 to $28.00 in a research note on Tuesday, May 10th. StockNews.com began coverage on shares of Independence Realty Trust in a research note on Thursday, March 31st. They set a “sell” rating for the company. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Independence Realty Trust from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, March 24th. Finally, KeyCorp boosted their price target on shares of Independence Realty Trust from $27.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, April 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Independence Realty Trust has a consensus rating of “Buy” and a consensus price target of $27.25.

Shares of NYSE:IRT opened at $22.39 on Monday. The company has a market cap of $4.95 billion, a price-to-earnings ratio of 31.54, a price-to-earnings-growth ratio of 10.65 and a beta of 0.87. The company has a 50-day moving average price of $25.69 and a 200-day moving average price of $24.85. Independence Realty Trust has a 12 month low of $16.31 and a 12 month high of $28.42.

A number of institutional investors have recently modified their holdings of the stock. Capital Asset Advisory Services LLC lifted its position in Independence Realty Trust by 2.6% during the first quarter. Capital Asset Advisory Services LLC now owns 14,023 shares of the real estate investment trust’s stock valued at $372,000 after purchasing an additional 360 shares during the period. Arizona State Retirement System raised its position in Independence Realty Trust by 1.7% in the fourth quarter. Arizona State Retirement System now owns 28,290 shares of the real estate investment trust’s stock worth $731,000 after acquiring an additional 466 shares during the period. State of Tennessee Treasury Department raised its position in Independence Realty Trust by 0.8% in the fourth quarter. State of Tennessee Treasury Department now owns 59,317 shares of the real estate investment trust’s stock worth $1,532,000 after acquiring an additional 479 shares during the period. Metropolitan Life Insurance Co NY increased its stake in shares of Independence Realty Trust by 1.4% in the third quarter. Metropolitan Life Insurance Co NY now owns 35,407 shares of the real estate investment trust’s stock worth $721,000 after purchasing an additional 493 shares in the last quarter. Finally, Fieldpoint Private Securities LLC increased its stake in shares of Independence Realty Trust by 85.3% in the first quarter. Fieldpoint Private Securities LLC now owns 1,195 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 550 shares in the last quarter. Institutional investors own 82.42% of the company’s stock.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 22nd. Shareholders of record on Friday, July 1st will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date is Thursday, June 30th. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.12. Independence Realty Trust’s dividend payout ratio is 67.61%.

Independence Realty Trust Company Profile (Get Rating)

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties 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.

See Also

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



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