Investment Analysts’ Recent Ratings Updates for Independence Realty Trust (IRT)

A number of research firms have changed their ratings and price targets for Independence Realty Trust (NYSE: IRT):

  • 4/10/2019 – Independence Realty Trust was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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. “
  • 4/8/2019 – Independence Realty Trust is now covered by analysts at Stifel Nicolaus. They set a “hold” rating and a $11.00 price target on the stock.
  • 4/8/2019 – Independence Realty Trust was downgraded by analysts at TheStreet from a “b-” rating to a “c+” rating.
  • 4/5/2019 – Independence Realty Trust was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating.
  • 4/4/2019 – Independence Realty Trust was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. 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. “
  • 3/26/2019 – Independence Realty Trust was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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. “
  • 3/19/2019 – Independence Realty Trust was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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. “
  • 3/12/2019 – Independence Realty Trust was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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. “
  • 2/27/2019 – Independence Realty Trust was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. 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. “
  • 2/22/2019 – Independence Realty Trust had its “buy” rating reaffirmed by analysts at Boenning Scattergood. They wrote, “We are lowering our price target slightly to $11.00, based on lower earnings and a lower NAV estimate. While the company expects to cover the dividend with core FFO less recurring capex in 2H19, we calculate that dividend coverage will be elusive in 4Q19 by a small dollar amount (about $1 million, or a penny per share); therefore our price target is a 6% discount to NAV. If the company could cover its dividends and show stronger earnings momentum, we think the shares could trade in-line with or even at a premium to forward NAV. The company is on track to deliver $8-$9 million of incremental revenues from the first two phases of its value-add program and is beginning to soft circle units for renovation in 2021 and beyond. IRT renovated 1,232 units in 2018, and targets completions on 1,500 units in 2019.””
  • 2/21/2019 – Independence Realty Trust was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. 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. “
  • 2/21/2019 – Independence Realty Trust was upgraded by analysts at TheStreet from a “c+” rating to a “b-” rating.

Shares of NYSE:IRT traded down $0.04 during midday trading on Monday, reaching $10.53. The company had a trading volume of 3,923 shares, compared to its average volume of 476,922. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 1.56. Independence Realty Trust Inc has a 1-year low of $8.75 and a 1-year high of $10.94. The firm has a market capitalization of $949.91 million, a price-to-earnings ratio of 14.23 and a beta of 0.92.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Thursday, February 21st. The real estate investment trust reported $0.04 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.15). Independence Realty Trust had a net margin of 13.77% and a return on equity of 4.16%. The company had revenue of $49.72 million during the quarter, compared to analyst estimates of $48.81 million. Equities analysts predict that Independence Realty Trust Inc will post 0.75 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 25th. Stockholders of record on Friday, March 29th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, March 28th. This represents a $0.72 annualized dividend and a dividend yield of 6.84%. Independence Realty Trust’s dividend payout ratio is 97.30%.

In related news, Director Richard H. Ross sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $10.33, for a total value of $61,980.00. Following the transaction, the director now directly owns 27,369 shares of the company’s stock, valued at approximately $282,721.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.69% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Ruggie Capital Group bought a new position in Independence Realty Trust in the 4th quarter worth approximately $28,000. Oregon Public Employees Retirement Fund bought a new position in Independence Realty Trust in the 4th quarter worth approximately $34,000. Bronfman E.L. Rothschild L.P. bought a new position in Independence Realty Trust in the 4th quarter worth approximately $37,000. Bessemer Group Inc. bought a new position in Independence Realty Trust in the 4th quarter worth approximately $42,000. Finally, Loeb Partners Corp bought a new position in Independence Realty Trust in the 4th quarter worth approximately $46,000. 86.29% of the stock is currently owned by institutional investors.

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.

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