Independence Realty Trust (IRT) Upgraded by Zacks Investment Research to “Hold”
Zacks Investment Research upgraded shares of Independence Realty Trust (NYSE:IRT) from a sell rating to a hold 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. “
IRT has been the topic of a number of other research reports. ValuEngine upgraded Independence Realty Trust from a buy rating to a strong-buy rating in a research note on Sunday, December 31st. National Securities raised their price target on Independence Realty Trust from $9.00 to $11.00 and gave the stock a neutral rating in a research note on Wednesday, November 22nd. Ladenburg Thalmann Financial Services restated a buy rating on shares of Independence Realty Trust in a research note on Wednesday, November 1st. KeyCorp started coverage on Independence Realty Trust in a research note on Tuesday, December 5th. They set a sector weight rating on the stock. Finally, 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. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $11.33.
Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.11. The firm had revenue of $39.86 million for the quarter, compared to the consensus estimate of $40.38 million. Independence Realty Trust had a negative return on equity of 3.08% and a negative net margin of 10.91%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.21 EPS. equities research analysts predict that Independence Realty Trust will post 0.74 EPS for the current fiscal year.
The business also recently announced a monthly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.72 annualized dividend and a dividend yield of 7.41%. Independence Realty Trust’s dividend payout ratio (DPR) is currently -276.92%.
Hedge funds have recently made changes to their positions in the business. Oppenheimer Asset Management Inc. grew its stake in shares of Independence Realty Trust by 147.8% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 6,056 shares during the last quarter. Loeb Partners Corp purchased a new position in shares of Independence Realty Trust in the 3rd quarter valued at approximately $102,000. Advisor Group Inc. grew its stake in shares of Independence Realty Trust by 76.8% in the 2nd quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock valued at $102,000 after purchasing an additional 4,454 shares during the last quarter. Profund Advisors LLC purchased a new position in shares of Independence Realty Trust in the 2nd quarter valued at approximately $103,000. Finally, SG Americas Securities LLC purchased a new position in shares of Independence Realty Trust in the 3rd quarter valued at approximately $105,000. Institutional investors own 78.49% of the company’s stock.
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Independence Realty Trust Company Profile
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.
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