Independence Realty Trust said on May 10, 2023 that its board of directors declared a regular quarterly dividend of $0.16 per share ($0.64 annualized). Previously, the company paid $0.14 per share.
Shares must be purchased before the ex-div date of June 29, 2023 to qualify for the dividend. Shareholders of record as of June 30, 2023 will receive the payment on July 21, 2023.
At the current share price of $17.26 / share, the stock's dividend yield is 3.71%.
Looking back five years and taking a sample every week, the average dividend yield has been 4.47%, the lowest has been 1.72%, and the highest has been 9.45%. The standard deviation of yields is 1.96 (n=236).
The current dividend yield is 0.39 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 2.45. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -0.22%.
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What is the Fund Sentiment?
There are 976 funds or institutions reporting positions in Independence Realty Trust. This is a decrease of 49 owner(s) or 4.78% in the last quarter. Average portfolio weight of all funds dedicated to IRT is 0.24%, an increase of 2.31%. Total shares owned by institutions increased in the last three months by 4.47% to 271,287K shares. 
The put/call ratio of IRT is 0.96, indicating a bullish outlook.
Analyst Price Forecast Suggests 21.15% Upside
As of May 11, 2023, the average one-year price target for Independence Realty Trust is 20.91. The forecasts range from a low of 17.17 to a high of $26.25. The average price target represents an increase of 21.15% from its latest reported closing price of 17.26.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Independence Realty Trust is 677MM, an increase of 5.99%. The projected annual non-GAAP EPS is 0.29.
What are Other Shareholders Doing?
VGTSX - Vanguard Total International Stock Index Fund Investor Shares holds 14,290K shares representing 6.37% ownership of the company. In it's prior filing, the firm reported owning 14,415K shares, representing a decrease of 0.88%. The firm decreased its portfolio allocation in IRT by 1.72% over the last quarter.
DFA INVESTMENT DIMENSIONS GROUP INC - DFA International Real Estate Securities Portfolio - Institutional Class holds 11,836K shares representing 5.28% ownership of the company. In it's prior filing, the firm reported owning 12,663K shares, representing a decrease of 6.99%. The firm decreased its portfolio allocation in IRT by 1.65% over the last quarter.
VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 9,905K shares representing 4.42% ownership of the company. In it's prior filing, the firm reported owning 10,028K shares, representing a decrease of 1.24%. The firm increased its portfolio allocation in IRT by 1.64% over the last quarter.
Macquarie Group holds 8,770K shares representing 3.91% ownership of the company. In it's prior filing, the firm reported owning 5,807K shares, representing an increase of 33.78%. The firm increased its portfolio allocation in IRT by 46.42% over the last quarter.
VTMGX - Vanguard Developed Markets Index Fund Admiral Shares holds 8,223K shares representing 3.67% ownership of the company. In it's prior filing, the firm reported owning 8,043K shares, representing an increase of 2.19%. The firm decreased its portfolio allocation in IRT by 8.92% over the last quarter.
Independence Realty Trust Background Information
(This description is provided by the company.)
Independence Realty Trust is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Dallas, Louisville, Memphis, Raleigh and Tampa. 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. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
