Independence Realty Trust, Inc. (IRT) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Independence Realty Trust, Inc. (NYSE:IRT) from a hold rating to a buy rating in a report released on Friday morning. They currently have $11.00 target price on the real estate investment trust’s stock.
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. “
IRT has been the topic of several other research reports. BidaskClub downgraded Independence Realty Trust from a buy rating to a hold rating in a research note on Thursday. Ladenburg Thalmann Financial Services reaffirmed a buy rating on shares of Independence Realty Trust in a research note on Wednesday, August 2nd. ValuEngine downgraded Independence Realty Trust from a buy rating to a hold rating in a research note on Thursday, July 20th. JMP Securities reaffirmed an outperform rating and issued a $11.50 price objective (up previously from $10.50) on shares of Independence Realty Trust in a research note on Friday, June 30th. Finally, FBR & Co raised Independence Realty Trust from a market perform rating to an outperform rating and raised their price objective for the stock from $9.75 to $11.50 in a research note on Thursday, June 15th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $10.45.
Independence Realty Trust (NYSE:IRT) opened at 10.26 on Friday. The firm has a 50 day moving average of $10.09 and a 200 day moving average of $9.57. Independence Realty Trust has a 12-month low of $7.74 and a 12-month high of $10.70.
Independence Realty Trust (NYSE:IRT) last posted its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. The company had revenue of $39.43 million for the quarter, compared to the consensus estimate of $39.43 million. During the same quarter in the prior year, the company earned $0.22 earnings per share. Independence Realty Trust’s revenue was up 2.9% on a year-over-year basis. Equities research analysts expect that Independence Realty Trust will post $0.49 EPS for the current fiscal year.
The business also recently disclosed a monthly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st were paid a $0.06 dividend. This represents a $0.72 annualized dividend and a dividend yield of 7.02%. The ex-dividend date of this dividend was Thursday, July 27th. Independence Realty Trust’s dividend payout ratio (DPR) is currently -313.03%.
In related news, CEO Scott Schaeffer acquired 35,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were purchased at an average price of $10.12 per share, with a total value of $354,200.00. Following the completion of the purchase, the chief executive officer now directly owns 155,306 shares of the company’s stock, valued at $1,571,696.72. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.58% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Oppenheimer Asset Management Inc. boosted its stake in Independence Realty Trust by 147.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 6,056 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in Independence Realty Trust during the first quarter valued at about $102,000. Advisor Group Inc. boosted its stake in Independence Realty Trust by 76.8% in the second quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock valued at $102,000 after buying an additional 4,454 shares in the last quarter. UBS Asset Management Americas Inc. acquired a new stake in Independence Realty Trust during the fourth quarter valued at about $103,000. Finally, Profund Advisors LLC acquired a new stake in Independence Realty Trust during the second quarter valued at about $103,000. 74.82% of the stock is currently owned by hedge funds and other institutional investors.
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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