Zacks Investment Research upgraded shares of Independence Realty Trust, Inc. (NYSE:IRT) from a hold rating to a buy rating in a report published on Tuesday, July 18th. They currently have $11.00 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. “
IRT has been the topic of several other reports. FBR & Co raised Independence Realty Trust from a market perform rating to an outperform rating and increased their target price for the stock from $9.75 to $11.50 in a research report on Thursday, June 15th. JMP Securities reaffirmed an outperform rating and issued a $11.50 target price (up from $10.50) on shares of Independence Realty Trust in a research report on Friday, June 30th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $10.45.
Shares of Independence Realty Trust (IRT) opened at 9.97 on Tuesday. The firm has a 50-day moving average of $10.02 and a 200-day moving average of $9.50. Independence Realty Trust has a one year low of $7.74 and a one year high of $10.70.
Independence Realty Trust (NYSE:IRT) last issued its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate 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 firm had revenue of $39.43 million for the quarter, compared to analyst estimates of $39.43 million. During the same period last year, the company earned $0.22 earnings per share. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. Analysts expect that Independence Realty Trust will post $0.46 EPS for the current year.
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The firm also recently declared a monthly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st will be issued a dividend of $0.06 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.22%. The ex-dividend date of this dividend is Thursday, July 27th. Independence Realty Trust’s dividend payout ratio (DPR) is -313.03%.
In other Independence Realty Trust news, CEO Scott Schaeffer purchased 35,000 shares of the stock in a transaction dated Monday, August 7th. The shares were bought at an average cost of $10.12 per share, with a total value of $354,200.00. Following the completion of the acquisition, the chief executive officer now owns 155,306 shares of the company’s stock, valued at $1,571,696.72. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.58% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. raised its position in shares of 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 worth $100,000 after buying an additional 6,056 shares during the period. Ameriprise Financial Inc. purchased a new position in shares of Independence Realty Trust during the first quarter valued at $102,000. Advisor Group Inc. boosted its position in shares of 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. purchased a new position in shares of Independence Realty Trust during the fourth quarter valued at $103,000. Finally, Profund Advisors LLC purchased a new position in shares of Independence Realty Trust during the second quarter valued at $103,000. 71.86% of the stock is currently owned by 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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