Zacks Investment Research cut shares of Independence Realty Trust (NYSE:IRT) from a hold rating to a sell rating in a research note released on Thursday morning, Zacks.com reports.
According to Zacks, “Independence Realty Trust, Inc. is a real estate investment trust. It is focused on acquiring and owning well-located garden-style and mid-rise apartment properties. The Company owns apartment properties primarily in Arizona, Colorado, Georgia, Indiana, Texas and Virginia. Independence Realty Trust, Inc. is based in United States. “
Several other analysts have also weighed in on IRT. TheStreet raised 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 price objective for the company. Capital One Financial reaffirmed an equal weight rating on shares of Independence Realty Trust in a report on Monday, September 16th. Finally, ValuEngine lowered shares of Independence Realty Trust from a buy rating to a hold rating in a report on Wednesday, October 2nd. 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 to the company. Independence Realty Trust has a consensus rating of Hold and an average price target of $11.79.
NYSE:IRT traded down $0.10 during mid-day trading on Thursday, hitting $14.59. The company’s stock had a trading volume of 452,900 shares, compared to its average volume of 480,955. Independence Realty Trust has a fifty-two week low of $8.75 and a fifty-two week high of $14.82. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.63. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of 19.72 and a beta of 0.76. The stock has a fifty day moving average of $14.23 and a 200-day moving average of $12.22.
Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.16 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.03). Independence Realty Trust had a return on equity of 5.88% and a net margin of 18.42%. The business had revenue of $50.85 million during the quarter, compared to analyst estimates of $50.17 million. On average, equities analysts anticipate that Independence Realty Trust will post 0.72 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 4.93%. The ex-dividend date of this dividend is Thursday, September 26th. Independence Realty Trust’s payout ratio is 97.30%.
In other news, Director Richard H. Ross sold 4,000 shares of the firm’s 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 completion of the sale, the director now owns 28,843 shares of the company’s stock, valued at $383,035.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.69% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Aperio Group LLC increased its holdings in shares of Independence Realty Trust by 20.9% during the second quarter. Aperio Group LLC now owns 43,863 shares of the real estate investment trust’s stock worth $507,000 after buying an additional 7,587 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Independence Realty Trust by 1.2% during the second quarter. Arizona State Retirement System now owns 139,353 shares of the real estate investment trust’s stock valued at $1,612,000 after purchasing an additional 1,667 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Independence Realty Trust by 1.6% during the second quarter. Bank of New York Mellon Corp now owns 1,518,612 shares of the real estate investment trust’s stock valued at $17,571,000 after purchasing an additional 24,379 shares during the last quarter. Atlantic Union Bankshares Corp bought a new stake in shares of Independence Realty Trust during the second quarter valued at approximately $2,545,000. Finally, First Trust Advisors LP grew its stake in shares of Independence Realty Trust by 1,357.0% during the second quarter. First Trust Advisors LP now owns 238,457 shares of the real estate investment trust’s stock valued at $2,759,000 after purchasing an additional 222,091 shares during the last quarter. 87.28% of the stock is owned by institutional investors.
About Independence Realty Trust
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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