Independence Realty Trust (NYSE:IRT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday, September 13th.
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. “
Separately, Compass Point reiterated a “buy” rating on shares of Independence Realty Trust in a research report on Friday, August 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. Independence Realty Trust currently has a consensus rating of “Buy” and an average target price of $11.00.
Shares of NYSE:IRT traded up $0.29 during trading on Thursday, reaching $10.10. The stock had a trading volume of 487,700 shares, compared to its average volume of 587,578. Independence Realty Trust has a 1-year low of $8.26 and a 1-year high of $10.63. The firm has a market capitalization of $923.02 million, a PE ratio of 13.70 and a beta of 0.84. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.27 and a quick ratio of 0.27.
Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Thursday, August 2nd. The real estate investment trust reported $0.04 EPS for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.01). Independence Realty Trust had a return on equity of 2.24% and a net margin of 8.19%. The company had revenue of $46.73 million for the quarter, compared to analysts’ expectations of $47.47 million. As a group, analysts expect that Independence Realty Trust will post 0.75 earnings per share for the current year.
A number of institutional investors have recently made changes to their positions in IRT. BlackRock Inc. raised its position 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 purchasing an additional 2,128,304 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Independence Realty Trust by 28.0% in the 1st quarter. Principal Financial Group Inc. now owns 3,267,283 shares of the real estate investment trust’s stock valued at $29,994,000 after buying an additional 715,305 shares during the period. Northern Trust Corp raised its holdings in shares of Independence Realty Trust by 39.6% in the 2nd quarter. Northern Trust Corp now owns 1,929,403 shares of the real estate investment trust’s stock valued at $19,892,000 after buying an additional 547,081 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Independence Realty Trust by 68.0% in the 2nd quarter. Renaissance Technologies LLC now owns 1,885,000 shares of the real estate investment trust’s stock valued at $19,434,000 after buying an additional 763,200 shares during the period. Finally, Jennison Associates LLC raised its holdings in shares of Independence Realty Trust by 2.9% in the 2nd quarter. Jennison Associates LLC now owns 1,779,026 shares of the real estate investment trust’s stock valued at $18,342,000 after buying an additional 50,155 shares during the period. Hedge funds and other institutional investors own 83.88% of the company’s stock.
Independence Realty Trust Company Profile
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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