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

Independence Realty Trust, Inc. (NYSE:IRT) announced a quarterly dividend on Tuesday, September 17th, NASDAQ reports. Stockholders of record on Monday, September 30th will be given 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 3.12%. The ex-dividend date 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% 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 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 Trading Down 0.1 %

Shares of Independence Realty Trust stock opened at $20.49 on Friday. The company has a fifty day moving average price of $19.96 and a 200 day moving average price of $17.99. Independence Realty Trust has a twelve month low of $11.61 and a twelve month high of $21.20. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of -683.00, a price-to-earnings-growth ratio of 3.10 and a beta of 1.17.

Analysts Set New Price Targets

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