KeyCorp initiated coverage on shares of Independence Realty Trust (NYSE:IRT) in a report released on Tuesday morning, MarketBeat reports. The firm issued a sector weight rating on the real estate investment trust’s stock. KeyCorp also issued estimates for Independence Realty Trust’s Q4 2017 earnings at $0.18 EPS, FY2017 earnings at $0.74 EPS, Q1 2018 earnings at $0.19 EPS, Q2 2018 earnings at $0.19 EPS, Q3 2018 earnings at $0.19 EPS, Q4 2018 earnings at $0.19 EPS, FY2018 earnings at $0.77 EPS, Q1 2019 earnings at $0.20 EPS, Q2 2019 earnings at $0.20 EPS, Q3 2019 earnings at $0.20 EPS and FY2019 earnings at $0.79 EPS.
A number of other research analysts also recently weighed in on the stock. National Securities increased their target price on shares of Independence Realty Trust from $9.00 to $11.00 and gave the company a neutral rating in a research report on Wednesday, November 22nd. Zacks Investment Research downgraded 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. Finally, 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. Independence Realty Trust has an average rating of Buy and an average price target of $11.33.
Independence Realty Trust (NYSE IRT) traded down $0.04 during trading hours on Tuesday, reaching $10.09. 441,600 shares of the company’s stock traded hands, compared to its average volume of 713,197. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.40 and a current ratio of 0.40. The stock has a market cap of $846.04, a price-to-earnings ratio of 13.88 and a beta of 1.06. Independence Realty Trust has a 52-week low of $8.45 and a 52-week high of $10.63.
Independence Realty Trust (NYSE:IRT) last released its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.11. Independence Realty Trust had a negative net margin of 10.91% and a negative return on equity of 3.08%. The firm had revenue of $39.86 million during the quarter, compared to the consensus estimate of $40.38 million. During the same period in the prior year, the firm earned $0.21 EPS. The company’s revenue was up 1.1% compared to the same quarter last year. analysts expect that Independence Realty Trust will post 0.74 earnings per share for the current year.
The firm also recently disclosed a monthly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be issued a $0.06 dividend. This represents a $0.72 annualized dividend and a yield of 7.14%. The ex-dividend date of this dividend is Thursday, December 28th. Independence Realty Trust’s dividend payout ratio (DPR) is presently -276.92%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in IRT. Jennison Associates LLC bought a new position in Independence Realty Trust in the 3rd quarter worth approximately $12,713,000. Phocas Financial Corp. bought a new position in Independence Realty Trust in the 2nd quarter worth approximately $10,757,000. Principal Financial Group Inc. boosted its holdings in Independence Realty Trust by 93.7% in the 3rd quarter. Principal Financial Group Inc. now owns 2,121,772 shares of the real estate investment trust’s stock worth $21,578,000 after buying an additional 1,026,415 shares during the period. Global X Management Co. LLC bought a new position in Independence Realty Trust in the 2nd quarter worth approximately $10,068,000. Finally, Barings LLC bought a new position in Independence Realty Trust in the 3rd quarter worth approximately $9,490,000. 78.66% of the stock is owned by institutional investors.
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Independence Realty Trust Company Profile
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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