Fintel reports that on May 8, 2023, JMP Securities upgraded their outlook for Independence Realty Trust (NYSE:IRT) from Market Perform to Market Outperform .
Analyst Price Forecast Suggests 23.16% Upside
As of April 24, 2023, the average one-year price target for Independence Realty Trust is 20.86. The forecasts range from a low of 17.17 to a high of $26.25. The average price target represents an increase of 23.16% from its latest reported closing price of 16.94.
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.
Independence Realty Trust Declares $0.14 Dividend
On March 13, 2023 the company declared a regular quarterly dividend of $0.14 per share ($0.56 annualized). Shareholders of record as of March 31, 2023 received the payment on April 21, 2023. Previously, the company paid $0.14 per share.
At the current share price of $16.94 / share, the stock's dividend yield is 3.31%.
Looking back five years and taking a sample every week, the average dividend yield has been 4.49%, the lowest has been 1.72%, and the highest has been 9.45%. The standard deviation of yields is 1.97 (n=236).
The current dividend yield is 0.60 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%.
What is the Fund Sentiment?
There are 982 funds or institutions reporting positions in Independence Realty Trust. This is a decrease of 40 owner(s) or 3.91% in the last quarter. Average portfolio weight of all funds dedicated to IRT is 0.24%, an increase of 1.28%. Total shares owned by institutions increased in the last three months by 5.97% to 271,800K shares. 
The put/call ratio of IRT is 1.14, indicating a bearish outlook.
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.
See all Independence Realty Trust regulatory filings.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.
