ValuEngine upgraded shares of Independence Realty Trust (NYSE:IRT) from a hold rating to a buy rating in a research report sent to investors on Thursday.
IRT has been the topic of several other research reports. Zacks Investment Research lowered Independence Realty Trust from a hold rating to a sell rating in a report on Wednesday, September 19th. Compass Point lowered Independence Realty Trust from a buy rating to a neutral rating in a report on Friday, November 2nd. B. Riley dropped their price objective on Independence Realty Trust from $11.00 to $10.50 and set a buy rating on the stock in a report on Monday, November 5th. Boenning Scattergood set a $11.00 price objective on Independence Realty Trust and gave the stock a buy rating in a report on Friday, November 2nd. Finally, Citigroup initiated coverage on Independence Realty Trust in a report on Tuesday, October 16th. They set a neutral rating and a $10.25 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $10.75.
NYSE:IRT opened at $10.30 on Thursday. The firm has a market capitalization of $915.89 million, a P/E ratio of 14.11 and a beta of 0.84. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.24 and a current ratio of 0.24. Independence Realty Trust has a 12 month low of $8.26 and a 12 month high of $10.59.
Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.14). The firm had revenue of $48.78 million for the quarter, compared to analysts’ expectations of $47.84 million. Independence Realty Trust had a return on equity of 2.83% and a net margin of 9.81%. Analysts predict that Independence Realty Trust will post 0.74 EPS for the current fiscal year.
In other Independence Realty Trust news, Director Richard H. Ross sold 7,966 shares of the firm’s stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $9.51, for a total transaction of $75,756.66. Following the transaction, the director now owns 33,369 shares of the company’s stock, valued at $317,339.19. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.61% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Cubist Systematic Strategies LLC acquired a new stake in shares of Independence Realty Trust during the second quarter worth about $118,000. Tower Research Capital LLC TRC acquired a new stake in shares of Independence Realty Trust during the second quarter worth about $123,000. Raymond James Trust N.A. acquired a new stake in shares of Independence Realty Trust during the third quarter worth about $149,000. Royal Bank of Canada boosted its stake in shares of Independence Realty Trust by 70.9% during the first quarter. Royal Bank of Canada now owns 14,522 shares of the real estate investment trust’s stock worth $133,000 after buying an additional 6,027 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Independence Realty Trust during the second quarter worth about $171,000. Institutional investors and hedge funds own 85.99% of the company’s stock.
Independence Realty Trust Company Profile
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 59 multifamily apartment properties, totaling 16,120 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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