Independence Realty Trust, Inc. (IRT) to Issue Quarterly Dividend of $0.16 on July 19th

Independence Realty Trust, Inc. (NYSE:IRT) declared a quarterly dividend on Monday, June 10th, Zacks reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.16 per share by the real estate investment trust on Friday, July 19th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date is Friday, June 28th.

Independence Realty Trust has increased its dividend by an average of 4.7% per year over the last three years. Independence Realty Trust has a dividend payout ratio of 206.5% meaning 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 $1.21 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 Down 1.0 %

NYSE IRT opened at $18.25 on Wednesday. Independence Realty Trust has a twelve month low of $11.61 and a twelve month high of $18.56. The stock has a fifty day simple moving average of $16.83 and a 200-day simple moving average of $15.89.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on IRT shares. JMP Securities increased their price target on Independence Realty Trust from $15.00 to $17.00 and gave the stock a “market outperform” rating in a report on Wednesday, March 6th. TheStreet cut Independence Realty Trust from a “c” rating to a “d+” rating in a report on Friday, March 1st. Two equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.00.

Independence Realty Trust Company Profile

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.