Independence Realty Trust, Inc. (NYSE:IRT)‘s stock had its “buy” rating reissued by equities researchers at Ladenburg Thalmann Financial Services in a research note issued on Wednesday.

A number of other equities research analysts have also weighed in on the company. Robert W. Baird restated a “buy” rating and set a $11.00 price target on shares of Independence Realty Trust in a research note on Tuesday, October 17th. FBR & Co reiterated a “buy” rating and issued a $11.50 target price on shares of Independence Realty Trust in a research report on Tuesday, September 12th. Zacks Investment Research lowered Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. ValuEngine upgraded Independence Realty Trust from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Finally, BidaskClub lowered Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Independence Realty Trust has an average rating of “Buy” and an average target price of $11.00.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.11. Independence Realty Trust had a negative return on equity of 3.08% and a negative net margin of 10.91%. The business had revenue of $39.86 million for the quarter, compared to analyst estimates of $40.38 million. During the same quarter in the previous year, the firm earned $0.21 earnings per share. The company’s revenue was up 1.1% on a year-over-year basis.

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In other Independence Realty Trust news, CEO Scott Schaeffer bought 35,000 shares of Independence Realty Trust stock in a transaction dated Monday, August 7th. The stock was acquired at an average cost of $10.12 per share, with a total value of $354,200.00. Following the purchase, the chief executive officer now directly owns 155,306 shares in the company, valued at approximately $1,571,696.72. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.58% of the company’s stock.

Several hedge funds have recently made changes to their positions in IRT. Phocas Financial Corp. acquired a new position in shares of Independence Realty Trust during the 2nd quarter worth approximately $10,757,000. Principal Financial Group Inc. raised its stake in shares of Independence Realty Trust by 93.7% during the 3rd quarter. Principal Financial Group Inc. now owns 2,121,772 shares of the real estate investment trust’s stock worth $21,578,000 after buying an additional 1,026,415 shares during the period. Global X Management Co. LLC acquired a new position in shares of Independence Realty Trust during the 2nd quarter worth approximately $10,068,000. Nuveen Asset Management LLC raised its stake in shares of Independence Realty Trust by 149.6% during the 1st quarter. Nuveen Asset Management LLC now owns 1,345,558 shares of the real estate investment trust’s stock worth $12,608,000 after buying an additional 806,509 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Independence Realty Trust by 66.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,201,315 shares of the real estate investment trust’s stock valued at $11,857,000 after purchasing an additional 480,821 shares during the last quarter. 61.86% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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