Independence Realty Trust (NYSE:IRT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Independence Realty Trust (NYSE:IRT) from a sell rating to a hold rating in a report released on Saturday,Wall Street Zen reports.

Several other research firms have also issued reports on IRT. UBS Group decreased their target price on shares of Independence Realty Trust from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Wednesday, October 14th. Jefferies Financial Group raised shares of Independence Realty Trust to a “strong-buy” rating in a report on Wednesday, July 22nd. Citigroup reiterated a “market outperform” rating on shares of Independence Realty Trust in a research report on Thursday, September 10th. Wells Fargo & Company reduced their price objective on shares of Independence Realty Trust from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Finally, Barclays decreased their price objective on shares of Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.39.

Independence Realty Trust Price Performance

Independence Realty Trust stock opened at $15.09 on Friday. Independence Realty Trust has a one year low of $14.33 and a one year high of $17.79. The business’s fifty day moving average is $15.00 and its 200 day moving average is $16.02. The stock has a market capitalization of $3.56 billion, a PE ratio of 13.44 and a beta of 0.90.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Monday, November 2nd. The real estate investment trust reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.18). The company had revenue of $171.96 million during the quarter, compared to the consensus estimate of $171.43 million. Independence Realty Trust had a return on equity of 1.75% and a net margin of 9.19%. During the same period last year, the firm posted $0.29 EPS. As a group, sell-side analysts expect that Independence Realty Trust will post 1.14 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 23rd. Investors of record on Wednesday, September 30th were issued a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.72 dividend on an annualized basis and a yield of 4.8%. Independence Realty Trust’s payout ratio is currently 276.92%.

Institutional Investors Weigh In On Independence Realty Trust

A number of institutional investors have recently added to or reduced their stakes in the stock. Covestor Ltd lifted its holdings in shares of Independence Realty Trust by 642.1% in the third quarter. Covestor Ltd now owns 1,922 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 1,663 shares in the last quarter. Pathway Financial Advisers LLC bought a new position in shares of Independence Realty Trust during the third quarter worth $30,000. Sunbelt Securities Inc. boosted its position in shares of Independence Realty Trust by 84.4% during the first quarter. Sunbelt Securities Inc. now owns 3,550 shares of the real estate investment trust’s stock worth $53,000 after acquiring an additional 1,625 shares during the last quarter. Assetmark Inc. grew its stake in Independence Realty Trust by 73.2% during the first quarter. Assetmark Inc. now owns 3,630 shares of the real estate investment trust’s stock valued at $54,000 after acquiring an additional 1,534 shares in the last quarter. Finally, State of Wyoming purchased a new position in Independence Realty Trust during the first quarter valued at $62,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc is a real estate investment trust (REIT) that owns and operates multifamily apartment communities in U.S. markets. Its business centers on providing rental housing and managing residential properties.

The company focuses on apartment communities in non-gateway markets, with a portfolio concentrated in regions including the Southeast, Midwest and Mid-Atlantic. Its properties offer apartment homes and resident amenities.

Founded in 2009, Independence Realty Trust became publicly traded on the New York Stock Exchange in 2013.