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

Independence Realty Trust, Inc. (NYSE:IRT) announced a quarterly dividend on Monday, December 16th,RTT News reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.16 per share by the real estate investment trust on Friday, January 17th. This represents a $0.64 dividend on an annualized basis and a yield of 2.97%.

Independence Realty Trust has increased its dividend payment by an average of 4.7% per year over the last three years. Independence Realty Trust has a dividend payout ratio of 237.0% 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 $1.21 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 52.9%.

Independence Realty Trust Trading Up 0.7 %

NYSE IRT traded up $0.14 during trading on Monday, hitting $21.54. The company had a trading volume of 1,325,755 shares, compared to its average volume of 2,208,321. The company’s fifty day moving average is $20.56 and its 200-day moving average is $19.72. The company has a market cap of $4.85 billion, a price-to-earnings ratio of 79.78, a price-to-earnings-growth ratio of 3.07 and a beta of 1.19. Independence Realty Trust has a one year low of $14.07 and a one year high of $22.26.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. KeyCorp raised their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and lifted their price target for the stock from $19.00 to $21.00 in a research report on Friday, November 15th. JMP Securities upped 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, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.43.

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.