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 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date is Monday, September 30th.

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 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. 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

NYSE:IRT traded down $0.02 during trading hours on Wednesday, reaching $20.85. 1,507,200 shares of the company were exchanged, compared to its average volume of 2,294,355. The business has a 50 day moving average of $19.64 and a 200 day moving average of $17.73. Independence Realty Trust has a 1-year low of $11.61 and a 1-year high of $21.18. The company has a market capitalization of $4.69 billion, a P/E ratio of -696.17, a P/E/G ratio of 3.00 and a beta of 1.17.

Analysts Set New Price Targets

A number of research analysts recently commented on IRT shares. Deutsche Bank Aktiengesellschaft raised their price target on 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 boosted their target price on shares of 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. KeyCorp increased their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, BTIG Research boosted their price objective on shares of Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Two research analysts have rated the stock with a sell rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus 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.