Independence Realty Trust, Inc. (IRT) PT Raised to $11.00
Independence Realty Trust, Inc. (NYSE:IRT) had its price target raised by stock analysts at National Securities from $9.00 to $11.00 in a note issued to investors on Wednesday. The firm presently has a “neutral” rating on the real estate investment trust’s stock. National Securities’ price target points to a potential upside of 5.26% from the company’s previous close.
The analysts wrote, “Call to Action: Despite being nearly twice the size today as it was a year ago and having internalized its management company, IRT’s FFO has remained otherwise stagnant in an ideal macro environment for MF REITs. Though the macro environment today is essentially the best it’s ever been, with record high national rents, IRT continues to struggle to deliver higher returns and thus drive its dividend upward. Matter of fact, its 3Q17 FFO was down both Q/Q and Y/Y and on a diluted basis FFO fell $0.05 short of the quarterly dividend commitment. In the environment we’re operating in, record high MF rents, near record low MF vacancy, this is unacceptable. Though we tend to favor smaller, growth oriented MF REITs operating in secondary and tertiary markets where a favorable cost of capital usually provides them an advantage in the asset acquisition arena, IRT has to deliver on additional operational improvements to a warrant any kind of rating change. As such, we are maintaining our Neutral rating but adjusting our $9.00 price target to $11.00.”
A number of other research firms have also issued reports on IRT. BidaskClub upgraded Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Saturday, August 12th. Ladenburg Thalmann Financial Services restated a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, August 2nd. Zacks Investment Research lowered Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. FBR & Co restated a “buy” rating and issued a $11.50 target price on shares of Independence Realty Trust in a report on Tuesday, September 12th. Finally, Robert W. Baird restated a “buy” rating and issued a $11.00 target price on shares of Independence Realty Trust in a report on Tuesday, October 17th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. Independence Realty Trust presently has a consensus rating of “Buy” and an average price target of $11.33.
Shares of Independence Realty Trust (IRT) opened at $10.45 on Wednesday. The stock has a market capitalization of $872.77, a price-to-earnings ratio of 14.31 and a beta of 1.07. Independence Realty Trust has a 1-year low of $8.06 and a 1-year high of $10.63. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 1.14.
Independence Realty Trust (NYSE:IRT) last released its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.11. The company had revenue of $39.86 million during the quarter, compared to analyst estimates of $40.38 million. Independence Realty Trust had a negative return on equity of 3.08% and a negative net margin of 10.91%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 earnings per share. sell-side analysts expect that Independence Realty Trust will post 0.74 EPS for the current fiscal year.
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Large investors have recently made changes to their positions in the stock. Loeb Partners Corp purchased a new stake in shares of Independence Realty Trust during the third quarter worth $102,000. Oppenheimer Asset Management Inc. raised its holdings in shares of Independence Realty Trust by 147.8% during the second quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock worth $100,000 after acquiring an additional 6,056 shares in the last quarter. Advisor Group Inc. raised its holdings in shares of Independence Realty Trust by 76.8% during the second quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock worth $102,000 after acquiring an additional 4,454 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Independence Realty Trust during the third quarter worth $105,000. Finally, Profund Advisors LLC purchased a new stake in shares of Independence Realty Trust during the second quarter worth $103,000. Institutional investors and hedge funds own 67.81% of the company’s stock.
Independence Realty Trust Company Profile
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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