Independence Realty Trust Inc (IRT) Upgraded to “Hold” at Zacks Investment Research

Independence Realty Trust Inc (NYSE:IRT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday, May 5th.

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, Robert W. Baird started coverage on shares of Independence Realty Trust in a research note on Thursday, January 12th. They set an “outperform” rating and a $10.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Independence Realty Trust has a consensus rating of “Buy” and an average target price of $9.88.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings results on Tuesday, May 2nd. The real estate investment trust reported $0.18 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.18. The business had revenue of $38.90 million for the quarter, compared to analysts’ expectations of $38.53 million. During the same quarter in the previous year, the company posted $0.21 earnings per share.

The company also recently announced a monthly dividend, which will be paid on Thursday, June 15th. Investors of record on Wednesday, May 31st will be issued a dividend of $0.06 per share. This represents a $0.72 dividend on an annualized basis and a yield of 7.89%. The ex-dividend date of this dividend is Friday, May 26th.

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Hedge funds have recently bought and sold shares of the company. Ameriprise Financial Inc. purchased a new stake in Independence Realty Trust during the first quarter worth $102,000. UBS Asset Management Americas Inc. purchased a new stake in Independence Realty Trust during the fourth quarter worth $103,000. Yorktown Management & Research Co Inc purchased a new stake in Independence Realty Trust during the third quarter worth $112,000. Raymond James Financial Services Advisors Inc. purchased a new stake in Independence Realty Trust during the first quarter worth $122,000. Finally, Credit Agricole S A raised its stake in Independence Realty Trust by 403.8% in the first quarter. Credit Agricole S A now owns 15,463 shares of the real estate investment trust’s stock worth $145,000 after buying an additional 12,394 shares during the period.

About Independence Realty Trust

Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.

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