Independence Realty Trust (NYSE:IRT) Stock Rating Upgraded by Zacks Investment Research

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?

Get a free copy of the Zacks research report on Independence Realty Trust (IRT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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.