Independence Realty Trust, Inc. (NYSE:IRT) had its price target upped by equities research analysts at National Securities from $9.00 to $11.00 in a report issued on Wednesday. The firm currently has a “neutral” rating on the real estate investment trust’s stock. National Securities’ price target indicates a potential upside of 5.87% from the stock’s current price.
The analysts wrote, “Call to Action: Despite being nearly twice the size today as it was a year ago and having internalized its management company, IRT’s FFO has remained otherwise stagnant in an ideal macro environment for MF REITs. Though the macro environment today is essentially the best it’s ever been, with record high national rents, IRT continues to struggle to deliver higher returns and thus drive its dividend upward. Matter of fact, its 3Q17 FFO was down both Q/Q and Y/Y and on a diluted basis FFO fell $0.05 short of the quarterly dividend commitment. In the environment we’re operating in, record high MF rents, near record low MF vacancy, this is unacceptable. Though we tend to favor smaller, growth oriented MF REITs operating in secondary and tertiary markets where a favorable cost of capital usually provides them an advantage in the asset acquisition arena, IRT has to deliver on additional operational improvements to a warrant any kind of rating change. As such, we are maintaining our Neutral rating but adjusting our $9.00 price target to $11.00.”
A number of other research analysts have also recently commented on the stock. Zacks Investment Research cut shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Thursday, November 9th. B. Riley reissued a “buy” rating on shares of Independence Realty Trust in a research report on Wednesday, November 1st. Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Independence Realty Trust in a research report on Wednesday, November 1st. Robert W. Baird reissued a “buy” rating and set a $11.00 target price on shares of Independence Realty Trust in a research report on Tuesday, October 17th. Finally, FBR & Co reissued a “buy” rating and set a $11.50 target price on shares of Independence Realty Trust in a research report on Tuesday, September 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. Independence Realty Trust currently has a consensus rating of “Buy” and an average price target of $11.33.
Shares of Independence Realty Trust (NYSE IRT) traded up $0.06 during mid-day trading on Wednesday, reaching $10.39. 484,900 shares of the company’s stock were exchanged, compared to its average volume of 721,526. The firm has a market capitalization of $862.75, a PE ratio of 14.15 and a beta of 1.07. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 1.14. Independence Realty Trust has a 1 year low of $8.06 and a 1 year high of $10.63.
Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.11. The firm had revenue of $39.86 million for the quarter, compared to analysts’ expectations of $40.38 million. Independence Realty Trust had a negative net margin of 10.91% and a negative return on equity of 3.08%. Independence Realty Trust’s revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.21 earnings per share. research analysts anticipate that Independence Realty Trust will post 0.74 earnings per share for the current fiscal year.
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Several institutional investors have recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. lifted its holdings in Independence Realty Trust by 147.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock worth $100,000 after purchasing an additional 6,056 shares during the period. Ameriprise Financial Inc. acquired a new stake in Independence Realty Trust in the first quarter worth about $102,000. Advisor Group Inc. lifted its holdings in Independence Realty Trust by 76.8% in the second quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock worth $102,000 after purchasing an additional 4,454 shares during the period. Loeb Partners Corp acquired a new stake in Independence Realty Trust in the third quarter worth about $102,000. Finally, Profund Advisors LLC acquired a new stake in Independence Realty Trust in the second quarter worth about $103,000. Institutional investors and hedge funds own 67.81% of the company’s stock.
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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