Shares of Independence Realty Trust (NYSE:IRT) have been assigned an average recommendation of “Buy” from the ten ratings firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $11.20.
A number of equities analysts have commented on the company. ValuEngine raised Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 31st. Zacks Investment Research raised Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, January 9th. B. Riley set a $12.00 price objective on Independence Realty Trust and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Finally, 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.
In other news, CEO Scott Schaeffer bought 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was acquired at an average cost of $8.33 per share, with a total value of $124,950.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.58% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of IRT. MetLife Investment Advisors LLC bought a new position in shares of Independence Realty Trust in the fourth quarter worth $397,000. Ladenburg Thalmann Financial Services Inc. increased its position in Independence Realty Trust by 21.4% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 103,765 shares of the real estate investment trust’s stock worth $1,047,000 after purchasing an additional 18,289 shares during the last quarter. Teachers Advisors LLC increased its position in Independence Realty Trust by 20.5% during the fourth quarter. Teachers Advisors LLC now owns 154,442 shares of the real estate investment trust’s stock worth $1,558,000 after purchasing an additional 26,237 shares during the last quarter. Raymond James & Associates increased its position in Independence Realty Trust by 0.8% during the fourth quarter. Raymond James & Associates now owns 1,071,858 shares of the real estate investment trust’s stock worth $10,815,000 after purchasing an additional 8,386 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its position in Independence Realty Trust by 89.8% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 24,100 shares of the real estate investment trust’s stock worth $243,000 after purchasing an additional 11,400 shares during the last quarter. 79.85% of the stock is owned by hedge funds and other institutional investors.
NYSE IRT traded up $0.01 during trading on Friday, hitting $9.31. The company’s stock had a trading volume of 527,493 shares, compared to its average volume of 624,784. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 1.20. The company has a market cap of $791.00, a P/E ratio of 12.75 and a beta of 0.86. Independence Realty Trust has a 52 week low of $8.26 and a 52 week high of $10.63.
Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The firm had revenue of $42.31 million for the quarter, compared to the consensus estimate of $43.59 million. Independence Realty Trust had a net margin of 18.80% and a return on equity of 5.17%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share. sell-side analysts expect that Independence Realty Trust will post 0.75 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 20th. Stockholders of record on Wednesday, April 4th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 7.73%. The ex-dividend date is Tuesday, April 3rd. Independence Realty Trust’s dividend payout ratio (DPR) is presently 295.89%.
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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.
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