Independence Realty Trust (NYSE:IRT) has been assigned a $11.00 price objective by equities research analysts at Boenning Scattergood in a report released on Friday. The firm presently has a “buy” rating on the real estate investment trust’s stock. Boenning Scattergood’s price objective indicates a potential upside of 13.17% from the company’s previous close.
A number of other research firms have also recently weighed in on IRT. Zacks Investment Research cut shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, September 19th. Compass Point restated a “buy” rating on shares of Independence Realty Trust in a research report on Friday, August 3rd. Finally, Citigroup initiated coverage on shares of Independence Realty Trust in a research report on Tuesday, October 16th. They issued a “neutral” rating and a $10.25 price target on the stock. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $10.88.
NYSE IRT opened at $9.72 on Friday. The stock has a market capitalization of $886.21 million, a P/E ratio of 13.32 and a beta of 0.84. Independence Realty Trust has a twelve month low of $8.26 and a twelve month high of $10.63. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 1.45.
Independence Realty Trust (NYSE:IRT) last posted its earnings results on Thursday, November 1st. The real estate investment trust reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.01. Independence Realty Trust had a net margin of 8.19% and a return on equity of 2.24%. As a group, research analysts anticipate that Independence Realty Trust will post 0.75 earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the company. Legal & General Group Plc lifted its position in shares of Independence Realty Trust by 5.0% during the first quarter. Legal & General Group Plc now owns 158,297 shares of the real estate investment trust’s stock worth $1,451,000 after purchasing an additional 7,484 shares in the last quarter. SG Americas Securities LLC acquired a new position in Independence Realty Trust in the second quarter valued at approximately $893,000. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Independence Realty Trust by 16.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 90,603 shares of the real estate investment trust’s stock valued at $934,000 after buying an additional 12,859 shares during the period. BlackRock Inc. lifted its holdings in Independence Realty Trust by 17.1% in the second quarter. BlackRock Inc. now owns 14,596,051 shares of the real estate investment trust’s stock valued at $150,484,000 after buying an additional 2,128,304 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Independence Realty Trust by 16.7% in the second quarter. First Trust Advisors LP now owns 111,528 shares of the real estate investment trust’s stock valued at $1,150,000 after buying an additional 15,938 shares during the period. Institutional investors own 83.74% of the company’s stock.
About Independence Realty Trust
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 58 multifamily apartment properties, totaling 15,860 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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