Brokerages Set Independence Realty Trust (IRT) PT at $11.00

Independence Realty Trust (NYSE:IRT) has been assigned a consensus recommendation of “Hold” from the ten brokerages that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $11.00.

Several equities research analysts have recently weighed in on the company. ValuEngine upgraded Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, March 7th. Robert W. Baird set a $10.00 price target on Independence Realty Trust and gave the company a “buy” rating in a research report on Friday, March 2nd. B. Riley decreased their price target on Independence Realty Trust from $11.50 to $11.00 and set a “buy” rating on the stock in a research report on Thursday, April 26th. Finally, Zacks Investment Research cut Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 25th.

Hedge funds and other institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN grew its holdings in shares of Independence Realty Trust by 32.6% during the fourth quarter. Wells Fargo & Company MN now owns 228,474 shares of the real estate investment trust’s stock worth $2,305,000 after purchasing an additional 56,147 shares in the last quarter. RMR Advisors LLC grew its holdings in shares of Independence Realty Trust by 18.3% during the fourth quarter. RMR Advisors LLC now owns 512,361 shares of the real estate investment trust’s stock worth $5,170,000 after purchasing an additional 79,200 shares in the last quarter. Taylor Frigon Capital Management LLC purchased a new position in shares of Independence Realty Trust during the fourth quarter worth about $1,168,000. Strs Ohio grew its holdings in shares of Independence Realty Trust by 23.8% during the fourth quarter. Strs Ohio now owns 132,549 shares of the real estate investment trust’s stock worth $1,337,000 after purchasing an additional 25,501 shares in the last quarter. Finally, American International Group Inc. grew its holdings in shares of Independence Realty Trust by 18.0% during the fourth quarter. American International Group Inc. now owns 66,655 shares of the real estate investment trust’s stock worth $673,000 after purchasing an additional 10,187 shares in the last quarter. 79.02% of the stock is owned by institutional investors.

Shares of Independence Realty Trust opened at $9.60 on Monday, MarketBeat reports. Independence Realty Trust has a 52-week low of $8.26 and a 52-week high of $10.63. The stock has a market capitalization of $820.16 million, a P/E ratio of 13.15 and a beta of 0.86. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 1.42.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings results on Wednesday, April 25th. The real estate investment trust reported $0.04 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.14). Independence Realty Trust had a net margin of 17.65% and a return on equity of 4.82%. The company had revenue of $45.62 million for the quarter, compared to the consensus estimate of $44.29 million. sell-side analysts forecast that Independence Realty Trust will post 0.75 EPS for the current year.

Independence Realty Trust Company Profile

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 55 multifamily apartment properties, totaling 15,045 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.

Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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