Independence Realty Trust (NYSE:IRT) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Independence Realty Trust (NYSE:IRT) from a hold rating to a buy rating in a report issued on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $12.00 price target 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. “
A number of other research firms also recently issued reports on IRT. Citigroup reduced their price target on shares of Independence Realty Trust from $15.75 to $7.50 and set a neutral rating for the company in a research report on Tuesday, April 7th. TheStreet cut shares of Independence Realty Trust from a b- rating to a c+ rating in a research note on Friday, April 3rd. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $12.30.
Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.17). Independence Realty Trust had a net margin of 14.10% and a return on equity of 4.71%. The company had revenue of $52.09 million for the quarter, compared to analyst estimates of $52.69 million. As a group, equities research analysts expect that Independence Realty Trust will post 0.7 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Thursday, July 2nd were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.17%. Independence Realty Trust’s dividend payout ratio (DPR) is 63.16%.
In other Independence Realty Trust news, Director Richard H. Ross sold 16,000 shares of Independence Realty Trust stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $9.66, for a total value of $154,560.00. Following the completion of the sale, the director now directly owns 12,843 shares of the company’s stock, valued at approximately $124,063.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.87% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Nuveen Asset Management LLC grew its stake in shares of Independence Realty Trust by 274.0% during the 1st quarter. Nuveen Asset Management LLC now owns 2,946,654 shares of the real estate investment trust’s stock valued at $26,344,000 after buying an additional 2,158,866 shares during the period. Wellington Management Group LLP grew its stake in shares of Independence Realty Trust by 273.2% during the 1st quarter. Wellington Management Group LLP now owns 2,204,806 shares of the real estate investment trust’s stock valued at $19,711,000 after buying an additional 1,614,086 shares during the period. Ranger Global Real Estate Advisors LLC purchased a new stake in shares of Independence Realty Trust during the 1st quarter valued at $12,206,000. Luminus Management LLC purchased a new stake in shares of Independence Realty Trust during the 1st quarter valued at $5,722,000. Finally, Peregrine Capital Management LLC purchased a new stake in shares of Independence Realty Trust during the 2nd quarter valued at $4,393,000. 93.97% of the stock is 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 currently owns and operates 58 multifamily apartment properties, totaling 15,880 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.
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