ValuEngine upgraded shares of Independence Realty Trust, Inc. (NYSE:IRT) from a hold rating to a buy rating in a research report released on Friday, September 1st.
IRT has been the subject of a number of other reports. Zacks Investment Research upgraded Independence Realty Trust from a hold rating to a buy rating and set a $11.00 target price for the company in a report on Friday, August 25th. BidaskClub downgraded Independence Realty Trust from a buy rating to a hold rating in a report on Thursday, August 24th. FBR & Co upgraded Independence Realty Trust from a market perform rating to an outperform rating and boosted their price objective for the company from $9.75 to $11.50 in a report on Thursday, June 15th. JMP Securities restated an outperform rating and set a $11.50 price objective (up previously from $10.50) on shares of Independence Realty Trust in a report on Friday, June 30th. Finally, Ladenburg Thalmann Financial Services restated a buy rating on shares of Independence Realty Trust in a report on Wednesday, August 2nd. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Independence Realty Trust presently has an average rating of Buy and an average price target of $10.83.
Independence Realty Trust (IRT) traded up 1.00% during midday trading on Friday, hitting $10.09. 3,683,727 shares of the stock traded hands. Independence Realty Trust has a 1-year low of $7.74 and a 1-year high of $10.70. The firm’s market cap is $694.67 million. The company has a 50-day moving average price of $10.14 and a 200-day moving average price of $9.66.
Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.01. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. The company had revenue of $39.43 million during the quarter, compared to the consensus estimate of $39.43 million. During the same period last year, the company earned $0.22 earnings per share. The firm’s revenue was up 2.9% compared to the same quarter last year. Analysts predict that Independence Realty Trust will post $0.47 EPS for the current year.
The firm also recently disclosed a monthly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were given a $0.06 dividend. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $0.72 annualized dividend and a yield of 7.14%. Independence Realty Trust’s dividend payout ratio is currently -313.03%.
In other Independence Realty Trust news, CEO Scott Schaeffer acquired 35,000 shares of the business’s stock in a transaction on Monday, August 7th. The shares were acquired at an average price of $10.12 per share, with a total value of $354,200.00. Following the completion of the transaction, the chief executive officer now owns 155,306 shares in the company, valued at $1,571,696.72. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.58% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of IRT. Alliancebernstein L.P. lifted its position in shares of Independence Realty Trust by 102.9% during the 1st quarter. Alliancebernstein L.P. now owns 4,075,525 shares of the real estate investment trust’s stock valued at $38,188,000 after buying an additional 2,066,401 shares during the last quarter. Phocas Financial Corp. purchased a new position in shares of Independence Realty Trust during the 2nd quarter valued at $10,757,000. Global X Management Co. LLC purchased a new position in shares of Independence Realty Trust during the 2nd quarter valued at $10,068,000. Nuveen Asset Management LLC lifted its position in shares of Independence Realty Trust by 149.6% during the 1st quarter. Nuveen Asset Management LLC now owns 1,345,558 shares of the real estate investment trust’s stock valued at $12,608,000 after buying an additional 806,509 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Independence Realty Trust by 5,759.7% during the 1st quarter. Principal Financial Group Inc. now owns 628,800 shares of the real estate investment trust’s stock valued at $5,892,000 after buying an additional 618,069 shares during the last quarter. 74.82% of the stock is currently owned by hedge funds and other institutional investors.
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.
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