Independence Realty Trust (IRT) Downgraded by Zacks Investment Research to “Sell”
Zacks Investment Research cut shares of Independence Realty Trust (NYSE:IRT) from a hold rating to a sell rating in a research note released on Tuesday.
According to Zacks, “Independence Realty Trust, Inc. is a real estate investment trust. It is focused on acquiring and owning well-located garden-style and mid-rise apartment properties. The Company owns apartment properties primarily in Arizona, Colorado, Georgia, Indiana, Texas and Virginia. Independence Realty Trust, Inc. is based in United States. “
A number of other equities analysts have also recently issued reports on IRT. Boenning Scattergood started coverage on Independence Realty Trust in a report on Monday, September 17th. They set an outperform rating and a $11.00 target price on the stock. Citigroup started coverage on Independence Realty Trust in a report on Tuesday, October 16th. They set a neutral rating and a $10.25 target price on the stock. Compass Point cut Independence Realty Trust from a buy rating to a neutral rating in a report on Friday, November 2nd. B. Riley reduced their target price on Independence Realty Trust from $11.00 to $10.50 and set a buy rating on the stock in a report on Monday, November 5th. Finally, Capital One Financial started coverage on Independence Realty Trust in a report on Monday, November 19th. They set an equal weight rating on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $10.75.
Independence Realty Trust (NYSE:IRT) last issued its earnings results on Thursday, November 1st. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.14). Independence Realty Trust had a return on equity of 2.83% and a net margin of 9.81%. The company had revenue of $48.78 million for the quarter, compared to the consensus estimate of $47.84 million. As a group, equities analysts predict that Independence Realty Trust will post 0.74 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 24th. Shareholders of record on Thursday, December 27th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 6.98%. The ex-dividend date of this dividend is Wednesday, December 26th. Independence Realty Trust’s dividend payout ratio (DPR) is currently 98.63%.
In other news, Director Richard H. Ross sold 7,966 shares of the firm’s stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $9.51, for a total transaction of $75,756.66. Following the sale, the director now owns 33,369 shares of the company’s stock, valued at $317,339.19. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.61% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its position in shares of Independence Realty Trust by 70.9% during the first quarter. Royal Bank of Canada now owns 14,522 shares of the real estate investment trust’s stock worth $133,000 after purchasing an additional 6,027 shares during the period. Pinebridge Investments L.P. raised its position in shares of Independence Realty Trust by 3.4% during the second quarter. Pinebridge Investments L.P. now owns 213,884 shares of the real estate investment trust’s stock worth $2,206,000 after purchasing an additional 7,094 shares during the period. Credit Suisse AG raised its position in shares of Independence Realty Trust by 3.4% during the third quarter. Credit Suisse AG now owns 221,504 shares of the real estate investment trust’s stock worth $2,333,000 after purchasing an additional 7,268 shares during the period. Great West Life Assurance Co. Can raised its position in shares of Independence Realty Trust by 5.1% during the second quarter. Great West Life Assurance Co. Can now owns 161,516 shares of the real estate investment trust’s stock worth $1,665,000 after purchasing an additional 7,795 shares during the period. Finally, WINTON GROUP Ltd raised its position in shares of Independence Realty Trust by 18.2% during the third quarter. WINTON GROUP Ltd now owns 51,448 shares of the real estate investment trust’s stock worth $542,000 after purchasing an additional 7,908 shares during the period. 85.99% of the stock is currently owned by institutional investors.
Independence Realty Trust Company Profile
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 59 multifamily apartment properties, totaling 16,120 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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