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

Independence Realty Trust, Inc. (NYSE:IRTGet Free Report) announced a quarterly dividend on Monday, June 10th, Zacks reports. Investors of record on Friday, June 28th will be paid a dividend of 0.16 per share by the real estate investment trust on Friday, July 19th. This represents a $0.64 annualized dividend and a yield of 3.53%. The ex-dividend date of this dividend is Friday, June 28th.

Independence Realty Trust has raised its dividend by an average of 4.7% per year over the last three years and has raised its dividend every year for the last 2 years. Independence Realty Trust has a 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 Stock Up 3.0 %

IRT stock traded up $0.52 during midday trading on Wednesday, hitting $18.11. The company’s stock had a trading volume of 3,380,890 shares, compared to its average volume of 2,378,673. The stock’s 50-day moving average price is $16.41 and its 200 day moving average price is $15.60. Independence Realty Trust has a 1 year low of $11.61 and a 1 year high of $18.77. The stock has a market cap of $4.08 billion, a price-to-earnings ratio of -602.67, a PEG ratio of 2.59 and a beta of 1.12.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Barclays cut their price objective on Independence Realty Trust from $22.00 to $18.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 20th. Royal Bank of Canada upped their price target on Independence Realty Trust from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Friday, February 16th. TheStreet lowered Independence Realty Trust from a “c” rating to a “d+” rating in a research note on Friday, March 1st. Finally, JMP Securities boosted their price objective on Independence Realty Trust from $15.00 to $17.00 and gave the company a “market outperform” rating in a research note on Wednesday, March 6th. Two investment analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $17.00.

Check Out Our Latest Stock Report on Independence Realty Trust

About Independence Realty Trust

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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.

See Also

Dividend History for Independence Realty Trust (NYSE:IRT)

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