Zacks Investment Research Lowers Independence Realty Trust (IRT) to Sell

Zacks Investment Research downgraded shares of Independence Realty Trust (NYSE:IRT) from a hold rating to a sell rating in a report issued on Wednesday morning.

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. “

Other equities analysts also recently issued research reports about the stock. Compass Point reissued a buy rating on shares of Independence Realty Trust in a research note on Friday, August 3rd. Boenning Scattergood set a $11.00 price objective on shares of Independence Realty Trust and gave the stock a buy rating in a research note on Friday, November 2nd. B. Riley reduced their price objective on shares of Independence Realty Trust from $11.00 to $10.50 and set a buy rating for the company in a research note on Monday. Finally, Citigroup assumed coverage on Independence Realty Trust in a research report on Tuesday, October 16th. They set a neutral rating and a $10.25 price target on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $10.79.

NYSE:IRT traded down $0.03 during trading hours on Wednesday, reaching $9.91. The company’s stock had a trading volume of 13,558 shares, compared to its average volume of 603,306. The company has a market capitalization of $856.31 million, a price-to-earnings ratio of 13.60 and a beta of 0.82. Independence Realty Trust has a 12 month low of $8.26 and a 12 month high of $10.63. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 1.51.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.14). The business had revenue of $48.78 million during the quarter, compared to the consensus estimate of $47.84 million. Independence Realty Trust had a return on equity of 2.83% and a net margin of 9.81%. On average, sell-side analysts expect that Independence Realty Trust will post 0.74 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, October 19th. Stockholders of record on Friday, October 5th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.27%. The ex-dividend date of this dividend was Thursday, October 4th. Independence Realty Trust’s payout ratio is presently 98.63%.

In other news, Director Richard H. Ross sold 7,966 shares of the company’s stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $9.51, for a total transaction of $75,756.66. Following the transaction, the director now directly owns 33,369 shares of the company’s stock, valued at $317,339.19. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.61% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in IRT. Cubist Systematic Strategies LLC purchased a new stake in shares of Independence Realty Trust during the second quarter valued at $118,000. Tower Research Capital LLC TRC purchased a new stake in shares of Independence Realty Trust during the second quarter valued at $123,000. Royal Bank of Canada grew its holdings in shares of Independence Realty Trust by 70.9% during the first quarter. Royal Bank of Canada now owns 14,522 shares of the real estate investment trust’s stock valued at $133,000 after buying an additional 6,027 shares during the last quarter. Raymond James Trust N.A. purchased a new stake in shares of Independence Realty Trust during the third quarter valued at $149,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Independence Realty Trust during the second quarter valued at $171,000. 83.44% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Company Profile

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 58 multifamily apartment properties, totaling 15,860 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.

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