Independence Realty Trust Inc (NYSE:IRT) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Independence Realty Trust Inc (NYSE:IRT) have been assigned a consensus recommendation of “Hold” from the nine ratings firms that are covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $11.35.

Several research analysts have recently weighed in on IRT shares. ValuEngine raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Friday, May 10th. TheStreet raised shares of Independence Realty Trust from a “c” rating to a “b-” rating in a report on Thursday, August 1st. Zacks Investment Research raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a report on Wednesday, August 7th. Finally, Boenning Scattergood set a $11.00 price objective on shares of Independence Realty Trust and gave the company a “buy” rating in a report on Thursday, May 2nd.

In other Independence Realty Trust news, Director Richard H. Ross sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $13.28, for a total value of $53,120.00. Following the completion of the transaction, the director now directly owns 28,843 shares in the company, valued at $383,035.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.69% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Independence Realty Trust by 1.2% during the second quarter. Vanguard Group Inc. now owns 10,158,984 shares of the real estate investment trust’s stock worth $117,540,000 after acquiring an additional 120,199 shares during the last quarter. Renaissance Technologies LLC lifted its position in Independence Realty Trust by 12.5% during the second quarter. Renaissance Technologies LLC now owns 4,792,513 shares of the real estate investment trust’s stock valued at $55,449,000 after purchasing an additional 534,219 shares during the last quarter. Principal Financial Group Inc. lifted its position in Independence Realty Trust by 2.5% during the first quarter. Principal Financial Group Inc. now owns 2,321,609 shares of the real estate investment trust’s stock valued at $25,050,000 after purchasing an additional 56,546 shares during the last quarter. Northern Trust Corp lifted its position in Independence Realty Trust by 3.3% during the second quarter. Northern Trust Corp now owns 1,823,762 shares of the real estate investment trust’s stock valued at $21,101,000 after purchasing an additional 58,688 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Independence Realty Trust by 1.6% during the second quarter. Bank of New York Mellon Corp now owns 1,518,612 shares of the real estate investment trust’s stock valued at $17,571,000 after purchasing an additional 24,379 shares during the last quarter. Institutional investors and hedge funds own 85.79% of the company’s stock.

Shares of NYSE IRT traded up $0.11 during midday trading on Wednesday, hitting $13.79. The stock had a trading volume of 349,513 shares, compared to its average volume of 467,022. The business’s 50 day moving average is $12.50 and its 200-day moving average is $11.23. The company has a market cap of $1.21 billion, a P/E ratio of 18.64 and a beta of 0.82. Independence Realty Trust has a 52 week low of $8.75 and a 52 week high of $13.86. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.63.

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

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Friday, June 28th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $0.72 dividend on an annualized basis and a yield of 5.22%. Independence Realty Trust’s dividend payout ratio is currently 97.30%.

Independence Realty Trust Company Profile

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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