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

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 Tuesday.

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. “

Other equities research analysts have also issued research reports about the stock. B. Riley reissued a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, November 1st. Robert W. Baird reissued a “buy” rating and issued a $11.00 price target on shares of Independence Realty Trust in a report on Tuesday, October 17th. FBR & Co reissued a “buy” rating and issued a $11.50 price target on shares of Independence Realty Trust in a report on Tuesday, September 12th. KeyCorp assumed coverage on shares of Independence Realty Trust in a report on Tuesday, December 5th. They issued a “sector weight” rating on the stock. Finally, Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, November 1st. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $11.33.

Shares of Independence Realty Trust (IRT) traded down $0.03 during mid-day trading on Tuesday, reaching $9.69. 491,612 shares of the company were exchanged, compared to its average volume of 537,227. Independence Realty Trust has a fifty-two week low of $8.57 and a fifty-two week high of $10.63. The company has a market capitalization of $809.30, a price-to-earnings ratio of -37.27 and a beta of 1.08. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.40 and a quick ratio of 0.40.

Independence Realty Trust (NYSE:IRT) last announced its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.11. The business had revenue of $39.86 million for the quarter, compared to analyst estimates of $40.38 million. Independence Realty Trust had a negative net margin of 10.91% and a negative return on equity of 3.08%. Independence Realty Trust’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.21 earnings per share. equities analysts anticipate that Independence Realty Trust will post 0.74 EPS for the current fiscal year.

Large investors have recently modified their holdings of the company. Loeb Partners Corp acquired a new stake in shares of Independence Realty Trust in the 3rd quarter valued at $102,000. Oppenheimer Asset Management Inc. boosted its stake in shares of 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 valued at $100,000 after purchasing an additional 6,056 shares in the last quarter. Advisor Group Inc. boosted its stake in shares of 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 valued at $102,000 after purchasing an additional 4,454 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Independence Realty Trust in the 3rd quarter valued at $105,000. Finally, Profund Advisors LLC acquired a new stake in shares of Independence Realty Trust in the 2nd quarter valued at $103,000. Institutional investors own 78.49% of the company’s stock.

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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.

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