Zacks Investment Research upgraded shares of Independence Realty Trust (NYSE:IRT) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Zacks.com reports. The firm currently has $12.00 target price on the real estate investment trust’s stock.
According to Zacks, “Independence Realty Trust, Inc. is a real estate investment trust. It is focused on acquiring and owning well-located garden-style and mid-rise apartment properties. The Company owns apartment properties primarily in Arizona, Colorado, Georgia, Indiana, Texas and Virginia. Independence Realty Trust, Inc. is based in United States. “
Several other research analysts have also recently commented on the stock. Citigroup decreased their target price on shares of Independence Realty Trust from $15.75 to $7.50 and set a neutral rating for the company in a research report on Tuesday, April 7th. TheStreet lowered shares of Independence Realty Trust from a b- rating to a c+ rating in a research note on Friday, April 3rd. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $12.30.
NYSE IRT opened at $11.50 on Wednesday. Independence Realty Trust has a 52 week low of $6.86 and a 52 week high of $16.85. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 35.94 and a beta of 1.13. The company has a 50-day moving average price of $11.17 and a two-hundred day moving average price of $11.59.
Independence Realty Trust (NYSE:IRT) last posted its earnings results on Wednesday, July 29th. The real estate investment trust reported $0.01 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.17). Independence Realty Trust had a return on equity of 4.71% and a net margin of 14.10%. The firm had revenue of $52.09 million during the quarter, compared to the consensus estimate of $52.69 million. As a group, equities research analysts anticipate that Independence Realty Trust will post 0.7 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Thursday, July 2nd were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 4.17%. The ex-dividend date was Wednesday, July 1st. Independence Realty Trust’s dividend payout ratio is presently 63.16%.
In related news, Director Richard H. Ross sold 16,000 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $9.66, for a total transaction of $154,560.00. Following the completion of the sale, the director now directly owns 12,843 shares of the company’s stock, valued at $124,063.38. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.87% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. FinTrust Capital Advisors LLC acquired a new stake in Independence Realty Trust during the first quarter valued at approximately $41,000. PNC Financial Services Group Inc. lifted its position in shares of Independence Realty Trust by 100.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,354 shares of the real estate investment trust’s stock valued at $75,000 after acquiring an additional 4,176 shares in the last quarter. Tudor Investment Corp Et Al purchased a new stake in shares of Independence Realty Trust in the 1st quarter valued at approximately $90,000. Fort Washington Investment Advisors Inc. OH purchased a new stake in shares of Independence Realty Trust in the 1st quarter valued at approximately $110,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of Independence Realty Trust in the 1st quarter valued at approximately $118,000. 93.97% of the stock is owned by institutional investors and hedge funds.
About Independence Realty Trust
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 units, 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.
Featured Article: How are the companies in the S&P 500 selected?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Independence Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.