Independence Realty Trust, Inc. (NYSE:IRT) was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

Several other equities analysts have also commented on the company. Zacks Investment Research upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Friday, August 25th. BidaskClub lowered Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Independence Realty Trust in a research note on Wednesday, August 2nd. FBR & Co reiterated an “outperform” rating and issued a $10.75 target price on shares of Independence Realty Trust in a research note on Tuesday, July 11th. Finally, JMP Securities reiterated an “outperform” rating and issued a $11.50 target price (up from $10.50) on shares of Independence Realty Trust in a research note on Friday, June 30th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $10.45.

Shares of Independence Realty Trust (IRT) opened at 10.26 on Friday. The company’s 50 day moving average price is $10.14 and its 200-day moving average price is $9.61. The firm’s market capitalization is $706.37 million. Independence Realty Trust has a 12 month low of $7.74 and a 12 month high of $10.70.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.01. The firm had revenue of $39.43 million during the quarter, compared to analyst estimates of $39.43 million. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.22 earnings per share. On average, equities analysts predict that Independence Realty Trust will post $0.49 earnings per share for the current fiscal year.

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In other news, CEO Scott Schaeffer purchased 35,000 shares of the company’s stock in a transaction on Monday, August 7th. The stock was bought at an average cost of $10.12 per share, for a total transaction of $354,200.00. Following the completion of the purchase, the chief executive officer now directly owns 155,306 shares of the company’s stock, valued at approximately $1,571,696.72. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.58% of the company’s stock.

A number of large investors have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. raised its stake in shares of Independence Realty Trust by 147.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 6,056 shares in the last quarter. Advisor Group Inc. raised its stake in shares of Independence Realty Trust by 76.8% in the second quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock valued at $102,000 after buying an additional 4,454 shares in the last quarter. Profund Advisors LLC purchased a new stake in shares of Independence Realty Trust during the second quarter valued at approximately $103,000. Ameriprise Financial Inc. purchased a new stake in shares of Independence Realty Trust during the first quarter valued at approximately $102,000. Finally, UBS Asset Management Americas Inc. purchased a new stake in shares of Independence Realty Trust during the fourth quarter valued at approximately $103,000. Institutional investors own 74.82% of the company’s stock.

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.

Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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