Independence Realty Trust, Inc. (NYSE:IRT) has been assigned a consensus recommendation of “Buy” from the nine research firms that are covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $11.00.
IRT has been the topic of several recent analyst reports. FBR & Co raised Independence Realty Trust from a “market perform” rating to an “outperform” rating and upped their target price for the company from $9.75 to $11.50 in a research report on Thursday, June 15th. JMP Securities reaffirmed an “outperform” rating and set a $11.50 target price (up from $10.50) on shares of Independence Realty Trust in a research report on Friday, June 30th. Zacks Investment Research lowered Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. ValuEngine downgraded Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, July 20th. Finally, Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Independence Realty Trust in a research note on Wednesday, August 2nd.
Shares of Independence Realty Trust (IRT) traded up 1.00% on Wednesday, reaching $10.09. The company’s stock had a trading volume of 3,683,727 shares. Independence Realty Trust has a 12-month low of $7.74 and a 12-month high of $10.70. The firm has a 50 day moving average price of $10.14 and a 200-day moving average price of $9.66. The stock’s market cap is $694.67 million.
Independence Realty Trust (NYSE:IRT) last announced its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, beating 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 company had revenue of $39.43 million for the quarter, compared to analyst estimates of $39.43 million. During the same period in the prior year, the company posted $0.22 EPS. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. Equities research analysts expect that Independence Realty Trust will post $0.47 EPS for the current year.
The company also recently declared a monthly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were paid a dividend of $0.06 per share. The ex-dividend date was Tuesday, August 29th. This represents a $0.72 annualized dividend and a yield of 7.14%. Independence Realty Trust’s payout ratio is presently -313.03%.
In other news, CEO Scott Schaeffer purchased 35,000 shares of the company’s stock in a transaction on Monday, August 7th. The shares were acquired at an average price of $10.12 per share, for a total transaction of $354,200.00. Following the purchase, the chief executive officer now owns 155,306 shares in the company, valued at $1,571,696.72. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.58% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of IRT. Oppenheimer Asset Management Inc. boosted its stake 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 last quarter. Ameriprise Financial Inc. purchased a new stake in shares of Independence Realty Trust in the first quarter worth about $102,000. Advisor Group Inc. boosted its stake 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 worth $102,000 after buying an additional 4,454 shares during the last quarter. UBS Asset Management Americas Inc. purchased a new stake in shares of Independence Realty Trust in the fourth quarter worth about $103,000. Finally, Profund Advisors LLC purchased a new stake in shares of Independence Realty Trust in the second quarter worth about $103,000. Hedge funds and other institutional investors own 74.82% of the company’s stock.
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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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