Independence Realty Trust (NYSE:IRT) Downgraded to “Strong Sell” Rating by Zacks Research

Independence Realty Trust (NYSE:IRT) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday,Zacks.com reports.

A number of other research analysts have also issued reports on IRT. KeyCorp dropped their target price on Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, December 4th. Wall Street Zen cut shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Citigroup restated an “outperform” rating on shares of Independence Realty Trust in a research report on Friday, January 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Independence Realty Trust in a report on Monday, December 29th. Finally, UBS Group boosted their price target on shares of Independence Realty Trust from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, January 8th. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.35.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT opened at $16.84 on Thursday. Independence Realty Trust has a one year low of $15.06 and a one year high of $21.86. The stock has a market capitalization of $4.03 billion, a price-to-earnings ratio of 168.37, a PEG ratio of 2.05 and a beta of 1.00. The company has a 50-day simple moving average of $17.07 and a 200-day simple moving average of $16.97.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The company had revenue of $167.14 million for the quarter, compared to analysts’ expectations of $168.31 million. Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.During the same period in the prior year, the business earned $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. As a group, research analysts forecast that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Independence Realty Trust

Several institutional investors have recently modified their holdings of IRT. Solstein Capital LLC acquired a new stake in shares of Independence Realty Trust in the 3rd quarter worth approximately $25,000. Danske Bank A S acquired a new stake in Independence Realty Trust in the third quarter valued at $26,000. First Horizon Corp purchased a new position in shares of Independence Realty Trust in the third quarter valued at $27,000. Farther Finance Advisors LLC raised its stake in shares of Independence Realty Trust by 70.3% during the 4th quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 747 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its position in shares of Independence Realty Trust by 551.2% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,869 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 1,582 shares in the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.