Independence Realty Trust (NYSE:IRT) Releases FY 2024 Earnings Guidance

Independence Realty Trust (NYSE:IRT) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 1.120-1.160 for the period, compared to the consensus estimate of 1.140. The company issued revenue guidance of -.

Independence Realty Trust Stock Performance

IRT stock traded up $0.08 during midday trading on Wednesday, reaching $15.75. The stock had a trading volume of 3,402,340 shares, compared to its average volume of 2,307,998. The stock has a market cap of $3.55 billion, a PE ratio of -224.97, a P/E/G ratio of 2.31 and a beta of 1.07. The firm has a fifty day simple moving average of $15.65 and a two-hundred day simple moving average of $14.77. Independence Realty Trust has a 52-week low of $11.61 and a 52-week high of $18.77.

Independence Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, March 29th were paid a $0.16 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.64 dividend on an annualized basis and a yield of 4.06%. Independence Realty Trust’s dividend payout ratio (DPR) is -914.16%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on IRT shares. JMP Securities raised their target price on Independence Realty Trust from $15.00 to $17.00 and gave the stock a market outperform rating in a research note on Wednesday, March 6th. Deutsche Bank Aktiengesellschaft began coverage on Independence Realty Trust in a research report on Tuesday, January 30th. They set a buy rating and a $18.00 price target on the stock. TheStreet downgraded Independence Realty Trust from a c rating to a d+ rating in a research report on Friday, March 1st. Barclays cut their price target 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. Finally, Royal Bank of Canada increased their price target on Independence Realty Trust from $16.00 to $17.00 and gave the stock an outperform rating in a research report on Friday, February 16th. Two investment analysts have rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, Independence Realty Trust has a consensus rating of Hold and a consensus price target of $17.00.

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.