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

Independence Realty Trust, Inc. (NYSE:IRT) declared a quarterly dividend on Tuesday, September 17th, NASDAQ reports. Stockholders 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 dividend yield of 3.07%. The ex-dividend date of this dividend is Monday, September 30th.

Independence Realty Trust has raised its dividend payment by an average of 4.7% annually over the last three years. Independence Realty Trust has a dividend payout ratio of 206.5% indicating that 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 $1.22 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 Price Performance

Independence Realty Trust stock opened at $20.85 on Thursday. The firm’s fifty day moving average price is $19.69 and its 200 day moving average price is $17.75. The company has a market capitalization of $4.69 billion, a price-to-earnings ratio of -695.00, a price-to-earnings-growth ratio of 3.00 and a beta of 1.17. Independence Realty Trust has a 12-month low of $11.61 and a 12-month high of $21.18.

Analysts Set New Price Targets

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