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 issued to investors on Wednesday.
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. “
Other equities analysts also recently issued reports about the company. Boenning Scattergood set a $11.00 price objective on Independence Realty Trust and gave the company a buy rating in a research report on Friday, November 2nd. Compass Point restated a buy rating on shares of Independence Realty Trust in a research report on Friday, August 3rd. B. Riley lowered their price objective on Independence Realty Trust from $11.00 to $10.50 and set a buy rating on the stock in a research report on Monday, November 5th. Finally, Citigroup initiated coverage on Independence Realty Trust in a research report on Tuesday, October 16th. They issued a neutral rating and a $10.25 price objective on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $10.79.
Independence Realty Trust (NYSE:IRT) last released its earnings results on Thursday, November 1st. The real estate investment trust reported $0.05 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.14). The company had revenue of $48.78 million for the quarter, compared to analysts’ expectations of $47.84 million. Independence Realty Trust had a net margin of 9.81% and a return on equity of 2.83%. On average, equities research analysts anticipate that Independence Realty Trust will post 0.74 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Stockholders of record on Friday, October 5th were given a $0.18 dividend. The ex-dividend date was Thursday, October 4th. This represents a $0.72 annualized dividend and a dividend yield of 7.21%. Independence Realty Trust’s payout ratio is 98.63%.
In other news, Director Richard H. Ross sold 7,966 shares of the business’s stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $9.51, for a total value of $75,756.66. Following the transaction, the director now directly owns 33,369 shares in the company, valued at $317,339.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.61% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Independence Realty Trust by 6.8% in the third quarter. BlackRock Inc. now owns 15,592,744 shares of the real estate investment trust’s stock valued at $164,192,000 after acquiring an additional 996,693 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Independence Realty Trust by 1.0% in the third quarter. Bank of New York Mellon Corp now owns 1,441,976 shares of the real estate investment trust’s stock worth $15,183,000 after purchasing an additional 13,793 shares during the last quarter. AXA bought a new stake in shares of Independence Realty Trust in the third quarter worth about $857,000. Alliancebernstein L.P. increased its holdings in shares of Independence Realty Trust by 1.5% in the third quarter. Alliancebernstein L.P. now owns 5,622,096 shares of the real estate investment trust’s stock worth $59,201,000 after purchasing an additional 85,630 shares during the last quarter. Finally, Virginia Retirement Systems ET AL bought a new stake in shares of Independence Realty Trust in the third quarter worth about $541,000. Institutional investors and hedge funds own 83.44% of the company’s stock.
Independence Realty Trust Company Profile
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 58 multifamily apartment properties, totaling 15,860 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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