Independence Realty Trust (IRT) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Independence Realty Trust (NYSE:IRT) from a sell rating to a hold rating in a research note released on Tuesday.

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. “

A number of other equities research analysts have also issued reports on IRT. FBR & Co reaffirmed a buy rating and issued a $11.50 price target on shares of Independence Realty Trust in a research report on Tuesday, September 12th. Robert W. Baird reaffirmed a buy rating and issued a $11.00 price target on shares of Independence Realty Trust in a research report on Tuesday, October 17th. Ladenburg Thalmann Financial Services reaffirmed a buy rating on shares of Independence Realty Trust in a research report on Wednesday, November 1st. B. Riley reaffirmed a buy rating on shares of Independence Realty Trust in a research report on Wednesday, November 1st. Finally, National Securities increased their price target on Independence Realty Trust from $9.00 to $11.00 and gave the company a neutral rating in a research report on Wednesday, November 22nd. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $11.33.

Independence Realty Trust (NYSE:IRT) traded down $0.07 during mid-day trading on Tuesday, reaching $9.72. The company’s stock had a trading volume of 523,945 shares, compared to its average volume of 543,743. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 1.14. The firm has a market cap of $811.80, a price-to-earnings ratio of -37.38 and a beta of 1.08. Independence Realty Trust has a 52 week low of $8.57 and a 52 week high of $10.63.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.11. The company had revenue of $39.86 million for the quarter, compared to analyst estimates of $40.38 million. Independence Realty Trust had a negative return on equity of 3.08% and a negative net margin of 10.91%. Independence Realty Trust’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.21 EPS. equities analysts anticipate that Independence Realty Trust will post 0.74 earnings per share for the current fiscal year.

The firm also recently disclosed a monthly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be issued a $0.06 dividend. The ex-dividend date is Thursday, December 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.41%. Independence Realty Trust’s payout ratio is currently -276.92%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in IRT. Schwab Charles Investment Management Inc. increased its holdings in shares of Independence Realty Trust by 15.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 424,871 shares of the real estate investment trust’s stock valued at $4,194,000 after acquiring an additional 57,544 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Independence Realty Trust by 87.2% in the 2nd quarter. Rhumbline Advisers now owns 130,860 shares of the real estate investment trust’s stock valued at $1,292,000 after acquiring an additional 60,961 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Independence Realty Trust by 66.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,201,315 shares of the real estate investment trust’s stock valued at $11,857,000 after acquiring an additional 480,821 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Independence Realty Trust by 678.8% in the 2nd quarter. Legal & General Group Plc now owns 108,801 shares of the real estate investment trust’s stock valued at $1,074,000 after acquiring an additional 94,830 shares during the last quarter. Finally, Comerica Bank purchased a new position in shares of Independence Realty Trust in the 2nd quarter valued at about $636,000. Institutional investors and hedge funds own 78.49% of the company’s stock.

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About Independence Realty Trust

Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.

Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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