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

Independence Realty Trust (NYSE:IRT) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 1.155-1.165 for the period, compared to the consensus EPS estimate of 1.150. The company issued revenue guidance of -. Independence Realty Trust also updated its FY33 guidance to $1.155-$1.165 EPS.

Independence Realty Trust Price Performance

NYSE IRT traded down $0.56 during trading on Friday, reaching $19.06. The company’s stock had a trading volume of 1,889,971 shares, compared to its average volume of 2,272,771. The stock has a market capitalization of $4.29 billion, a PE ratio of 17.33, a P/E/G ratio of 2.88 and a beta of 1.17. The firm has a fifty day moving average of $20.11 and a 200 day moving average of $18.63. Independence Realty Trust has a one year low of $12.50 and a one year high of $21.20.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Monday, September 30th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date was Monday, September 30th.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on IRT. JMP Securities increased 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 report on Monday, September 9th. KeyCorp increased their target price on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. BTIG Research lifted their price target on Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the stock. Based on data from MarketBeat, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and an average price target 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.