Independence Realty Trust (NYSE:IRT) had its price target reduced by equities researchers at B. Riley from $11.50 to $11.00 in a report released on Thursday. The firm presently has a “buy” rating on the real estate investment trust’s stock. B. Riley’s price objective would suggest a potential upside of 16.53% from the stock’s previous close. B. Riley also issued estimates for Independence Realty Trust’s Q2 2018 earnings at $0.18 EPS, Q4 2018 earnings at $0.19 EPS, FY2018 earnings at $0.75 EPS, Q1 2019 earnings at $0.21 EPS, Q2 2019 earnings at $0.21 EPS, Q3 2019 earnings at $0.22 EPS, Q4 2019 earnings at $0.22 EPS and FY2019 earnings at $0.86 EPS.

Other analysts also recently issued reports about the stock. Robert W. Baird set a $10.00 price objective on shares of Independence Realty Trust and gave the company a “buy” rating in a research report on Friday, March 2nd. Zacks Investment Research raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, January 9th. Finally, ValuEngine raised shares of Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, March 7th. One analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Independence Realty Trust presently has a consensus rating of “Buy” and an average target price of $11.14.

Shares of IRT stock opened at $9.44 on Thursday. Independence Realty Trust has a one year low of $8.26 and a one year high of $10.63. The stock has a market cap of $790.15, a P/E ratio of 12.57 and a beta of 0.86. The company has a current ratio of 0.29, a quick ratio of 0.43 and a debt-to-equity ratio of 1.42.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, April 25th. The real estate investment trust reported $0.04 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.14). Independence Realty Trust had a net margin of 17.65% and a return on equity of 4.82%. The firm had revenue of $45.62 million for the quarter, compared to analysts’ expectations of $44.29 million. analysts forecast that Independence Realty Trust will post 0.76 EPS for the current year.

In related news, CEO Scott Schaeffer purchased 15,000 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were purchased at an average price of $8.33 per share, with a total value of $124,950.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.61% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN boosted its holdings in shares of Independence Realty Trust by 59.1% during the 3rd quarter. Wells Fargo & Company MN now owns 172,327 shares of the real estate investment trust’s stock valued at $1,752,000 after acquiring an additional 64,004 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Independence Realty Trust by 283.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 403,883 shares of the real estate investment trust’s stock valued at $4,083,000 after acquiring an additional 298,632 shares during the last quarter. Taylor Frigon Capital Management LLC purchased a new stake in shares of Independence Realty Trust during the 4th quarter valued at about $1,168,000. RMR Advisors LLC boosted its holdings in shares of Independence Realty Trust by 18.3% during the 4th quarter. RMR Advisors LLC now owns 512,361 shares of the real estate investment trust’s stock valued at $5,170,000 after acquiring an additional 79,200 shares during the last quarter. Finally, Strs Ohio boosted its holdings in shares of Independence Realty Trust by 23.8% during the 4th quarter. Strs Ohio now owns 132,549 shares of the real estate investment trust’s stock valued at $1,337,000 after acquiring an additional 25,501 shares during the last quarter. 79.78% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Company Profile

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 55 multifamily apartment properties, totaling 15,045 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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