Independence Realty Trust (IRT) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Independence Realty Trust (NYSE:IRT) from a sell rating to a hold rating in a report issued 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 analysts have also weighed in on the stock. Capital One Financial started coverage on shares of Independence Realty Trust in a research note on Monday, November 19th. They issued an equal weight rating for the company. Citigroup started coverage on shares of Independence Realty Trust in a research note on Tuesday, October 16th. They issued a neutral rating and a $10.25 target price for the company. Boenning Scattergood set a $11.00 target price on shares of Independence Realty Trust and gave the stock a buy rating in a research note on Friday, November 2nd. Compass Point lowered shares of Independence Realty Trust from a buy rating to a neutral rating in a research note on Friday, November 2nd. Finally, ValuEngine raised shares of Independence Realty Trust from a hold rating to a buy rating in a research note on Thursday, December 6th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Independence Realty Trust presently has a consensus rating of Hold and an average target price of $10.75.

Shares of NYSE IRT opened at $9.78 on Tuesday. The firm has a market capitalization of $866.09 million, a P/E ratio of 13.40 and a beta of 0.84. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.24 and a quick ratio of 0.24. Independence Realty Trust has a 1-year low of $8.26 and a 1-year high of $10.59.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 24th. Stockholders of record on Thursday, December 27th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, December 26th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.36%. Independence Realty Trust’s dividend payout ratio is 98.63%.

In other news, Director Richard H. Ross sold 7,966 shares of the stock in a transaction dated Tuesday, November 6th. The shares were sold at an average price of $9.51, for a total transaction of $75,756.66. Following the completion of the transaction, the director now directly owns 33,369 shares in the company, valued at approximately $317,339.19. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.61% of the company’s stock.

Several institutional investors have recently bought and sold shares of IRT. Cubist Systematic Strategies LLC acquired a new position in shares of Independence Realty Trust during the 2nd quarter worth about $118,000. Tower Research Capital LLC TRC acquired a new position in shares of Independence Realty Trust during the 2nd quarter worth about $123,000. Raymond James Trust N.A. acquired a new position in shares of Independence Realty Trust during the 3rd quarter worth about $149,000. AMP Capital Investors Ltd acquired a new position in shares of Independence Realty Trust during the 2nd quarter worth about $220,000. Finally, Private Advisor Group LLC acquired a new position in shares of Independence Realty Trust during the 3rd quarter worth about $232,000. Institutional investors own 85.95% of the company’s stock.

Independence Realty Trust Company Profile

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 59 multifamily apartment properties, totaling 16,120 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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