Independence Realty Trust (NYSE:IRT) Updates FY 2022 Earnings Guidance

Independence Realty Trust (NYSE:IRTGet Rating) updated its FY 2022 earnings guidance on Tuesday. The company provided earnings per share guidance of $1.06-$1.08 for the period. The company issued revenue guidance of -.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Compass Point set a $24.50 price objective on shares of Independence Realty Trust in a research report on Monday, June 20th. Jefferies Financial Group cut their price objective on shares of Independence Realty Trust from $27.00 to $24.00 and set a buy rating on the stock in a research report on Thursday, June 30th. StockNews.com raised shares of Independence Realty Trust to a sell rating in a research report on Tuesday, August 9th. TheStreet lowered shares of Independence Realty Trust from a b- rating to a c+ rating in a research note on Tuesday, May 31st. Finally, KeyCorp lowered their price target on shares of Independence Realty Trust from $29.00 to $25.00 and set an overweight rating on the stock in a research note on Tuesday, June 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $26.72.

Independence Realty Trust Price Performance

Shares of IRT traded down $0.20 during trading hours on Friday, hitting $17.57. The company’s stock had a trading volume of 36,320 shares, compared to its average volume of 1,877,841. The company has a market cap of $3.90 billion, a price-to-earnings ratio of 27.34, a PEG ratio of 8.36 and a beta of 0.94. The business has a 50 day simple moving average of $20.57 and a two-hundred day simple moving average of $22.85. Independence Realty Trust has a 52-week low of $17.63 and a 52-week high of $28.42.

Independence Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Friday, September 30th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend is Thursday, September 29th. Independence Realty Trust’s payout ratio is 86.15%.

Institutional Trading of Independence Realty Trust

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Independence Realty Trust by 98.9% in the 1st quarter. Vanguard Group Inc. now owns 24,329,328 shares of the real estate investment trust’s stock worth $643,267,000 after acquiring an additional 12,099,993 shares in the last quarter. State Street Corp lifted its position in Independence Realty Trust by 121.7% in the first quarter. State Street Corp now owns 12,302,671 shares of the real estate investment trust’s stock worth $326,733,000 after buying an additional 6,753,959 shares during the last quarter. Macquarie Group Ltd. lifted its position in shares of Independence Realty Trust by 151.8% during the second quarter. Macquarie Group Ltd. now owns 5,042,952 shares of the real estate investment trust’s stock worth $104,585,000 after purchasing an additional 3,040,046 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Independence Realty Trust by 90.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,628,815 shares of the real estate investment trust’s stock worth $69,507,000 after purchasing an additional 1,248,876 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Independence Realty Trust by 78.7% during the first quarter. Northern Trust Corp now owns 2,730,023 shares of the real estate investment trust’s stock worth $72,182,000 after purchasing an additional 1,202,185 shares during the last quarter. Institutional investors own 83.09% of the company’s stock.

Independence Realty Trust Company Profile

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Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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Earnings History and Estimates for Independence Realty Trust (NYSE:IRT)

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