Independence Realty Trust Inc (NYSE:IRT) has earned an average rating of “Hold” from the ten research firms that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $11.35.
A number of equities research analysts have issued reports on the stock. TheStreet upgraded shares of Independence Realty Trust from a “c” rating to a “b-” rating in a report on Thursday, August 1st. National Securities assumed coverage on shares of Independence Realty Trust in a report on Friday, September 27th. They set a “buy” rating and a $14.00 target price on the stock. Capital One Financial reiterated an “equal weight” rating on shares of Independence Realty Trust in a report on Monday, September 16th. ValuEngine lowered shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Zacks Investment Research lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Thursday.
In other Independence Realty Trust news, Director Richard H. Ross sold 4,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $13.28, for a total transaction of $53,120.00. Following the sale, the director now directly owns 28,843 shares in the company, valued at approximately $383,035.04. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.69% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC acquired a new stake in shares of Independence Realty Trust in the 2nd quarter valued at $56,000. Bank of Montreal Can raised its holdings in shares of Independence Realty Trust by 684.4% in the 2nd quarter. Bank of Montreal Can now owns 8,730 shares of the real estate investment trust’s stock valued at $101,000 after purchasing an additional 7,617 shares in the last quarter. Pictet Asset Management Ltd. acquired a new stake in shares of Independence Realty Trust in the 1st quarter valued at $158,000. Natixis Advisors L.P. acquired a new stake in shares of Independence Realty Trust in the 2nd quarter valued at $201,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in shares of Independence Realty Trust by 20.0% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 18,016 shares of the real estate investment trust’s stock valued at $208,000 after purchasing an additional 3,000 shares in the last quarter. Institutional investors and hedge funds own 87.24% of the company’s stock.
Shares of NYSE:IRT traded down $0.01 during mid-day trading on Thursday, reaching $14.68. 6,924 shares of the company were exchanged, compared to its average volume of 539,967. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.60 and a quick ratio of 0.60. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of 19.84 and a beta of 0.76. The firm’s 50-day simple moving average is $14.14 and its 200 day simple moving average is $12.12. Independence Realty Trust has a 1 year low of $8.75 and a 1 year high of $14.82.
Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.03). The company had revenue of $50.85 million for the quarter, compared to analysts’ expectations of $50.17 million. Independence Realty Trust had a return on equity of 5.88% and a net margin of 18.42%. On average, research analysts forecast that Independence Realty Trust will post 0.72 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $0.72 dividend on an annualized basis and a yield of 4.90%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 97.30%.
Independence Realty Trust Company Profile
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 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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