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.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.03). The company had revenue of $50.85 million during the quarter, compared to the consensus estimate of $50.17 million. Independence Realty Trust had a net margin of 18.42% and a return on equity of 5.88%. Research analysts expect that Independence Realty Trust will post 0.76 earnings per share for the current fiscal year.

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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Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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