Independence Realty Trust Inc (NYSE:IRT) Receives $11.35 Average Price Target from Analysts
Shares of Independence Realty Trust Inc (NYSE:IRT) have earned a consensus rating of “Hold” from the nine ratings firms that are presently covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $11.35.
A number of analysts have commented on the stock. TheStreet upgraded shares of Independence Realty Trust from a “c” rating to a “b-” rating in a research note on Thursday, August 1st. Zacks Investment Research upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a research note on Wednesday, August 7th.
Shares of NYSE:IRT traded down $0.04 during mid-day trading on Friday, hitting $14.00. The company had a trading volume of 157,504 shares, compared to its average volume of 562,061. The firm has a fifty day moving average price of $13.30 and a 200 day moving average price of $11.58. The company has a market capitalization of $1.24 billion, a PE ratio of 18.92 and a beta of 0.77. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.60 and a quick ratio of 0.60. Independence Realty Trust has a one year low of $8.75 and a one year high of $14.15.
In other Independence Realty Trust news, Director Richard H. Ross sold 4,000 shares of Independence Realty Trust stock in a transaction on Monday, August 12th. The shares were sold at an average price of $13.28, for a total transaction of $53,120.00. Following the transaction, the director now directly owns 28,843 shares of the company’s stock, valued at approximately $383,035.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.69% of the stock is owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Sandy Spring Bank purchased a new position in Independence Realty Trust during the 1st quarter worth $42,000. Tower Research Capital LLC TRC purchased a new position in shares of Independence Realty Trust in the 2nd quarter worth about $56,000. Bank of Montreal Can boosted its holdings in shares of Independence Realty Trust by 684.4% in the 2nd quarter. Bank of Montreal Can now owns 8,730 shares of the real estate investment trust’s stock worth $101,000 after buying an additional 7,617 shares during the last quarter. Pictet Asset Management Ltd. purchased a new stake in Independence Realty Trust during the first quarter valued at about $158,000. Finally, Natixis Advisors L.P. purchased a new stake in Independence Realty Trust during the second quarter valued at about $201,000. 87.20% of the stock is currently owned by hedge funds and other institutional investors.
About Independence Realty Trust
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.
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