Ladenburg Thalmann Financial Services reiterated their buy rating on shares of Independence Realty Trust, Inc. (NYSE:IRT) in a research note released on Friday. They currently have a $11.00 price target on the real estate investment trust’s stock.
Other equities analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Independence Realty Trust from a hold rating to a buy rating and set a $11.00 price objective for the company in a research note on Tuesday, July 18th. ValuEngine raised shares of Independence Realty Trust from a hold rating to a buy rating in a research note on Friday, September 1st. BidaskClub raised shares of Independence Realty Trust from a hold rating to a buy rating in a research note on Saturday, August 12th. FBR & Co reaffirmed an outperform rating and issued a $10.75 price objective on shares of Independence Realty Trust in a research note on Tuesday, July 11th. Finally, JMP Securities reiterated an outperform rating and issued a $11.50 target price (up previously from $10.50) on shares of Independence Realty Trust in a research report on Friday, June 30th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of Buy and an average price target of $10.71.
Independence Realty Trust (NYSE IRT) opened at 10.19 on Friday. The firm has a 50-day moving average price of $10.13 and a 200 day moving average price of $9.62. Independence Realty Trust has a one year low of $7.74 and a one year high of $10.70. The firm’s market capitalization is $701.55 million.
Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Independence Realty Trust had a negative net margin of 10.28% and a negative return on equity of 3.22%. The firm had revenue of $39.43 million during the quarter, compared to analyst estimates of $39.43 million. During the same quarter last year, the business posted $0.22 EPS. The company’s revenue was up 2.9% on a year-over-year basis. Equities research analysts anticipate that Independence Realty Trust will post $0.47 earnings per share for the current year.
The business also recently announced a monthly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st were given a $0.06 dividend. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $0.72 dividend on an annualized basis and a yield of 7.07%. Independence Realty Trust’s payout ratio is -313.03%.
In related news, CEO Scott Schaeffer bought 35,000 shares of the business’s stock in a transaction on Monday, August 7th. The stock was bought at an average price of $10.12 per share, for a total transaction of $354,200.00. Following the transaction, the chief executive officer now directly owns 155,306 shares in the company, valued at $1,571,696.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.58% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in IRT. Oppenheimer Asset Management Inc. lifted its position in Independence Realty Trust by 147.8% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 6,056 shares in the last quarter. Ameriprise Financial Inc. purchased a new stake in Independence Realty Trust in the 1st quarter worth approximately $102,000. Advisor Group Inc. lifted its position in Independence Realty Trust by 76.8% in the 2nd quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock worth $102,000 after buying an additional 4,454 shares in the last quarter. UBS Asset Management Americas Inc. purchased a new stake in Independence Realty Trust in the 4th quarter worth approximately $103,000. Finally, Profund Advisors LLC purchased a new stake in Independence Realty Trust in the 2nd quarter worth approximately $103,000. Institutional investors own 74.82% of the company’s stock.
Independence Realty Trust Company Profile
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.
Receive News & Ratings for Independence Realty Trust Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Realty Trust Inc. and related companies with MarketBeat.com's FREE daily email newsletter.