Independence Realty Trust Inc (IRT) Receives Consensus Rating of “Hold” from Brokerages

Shares of Independence Realty Trust Inc (NYSE:IRT) have been given an average rating of “Hold” by the nine research firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $10.55.

A number of research analysts have recently commented on the stock. Boenning Scattergood assumed coverage on shares of Independence Realty Trust in a research report on Monday, September 17th. They issued an “outperform” rating and a $11.00 price objective for the company. Compass Point reissued a “buy” rating on shares of Independence Realty Trust in a research report on Friday, August 3rd. Zacks Investment Research raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, October 17th. Finally, Citigroup assumed coverage on shares of Independence Realty Trust in a research report on Tuesday, October 16th. They issued a “neutral” rating and a $10.25 price objective for the company.

In related news, Director Richard H. Ross sold 7,966 shares of Independence Realty Trust stock in a transaction dated Tuesday, November 6th. The shares were sold at an average price of $9.51, for a total transaction of $75,756.66. Following the completion of the sale, the director now owns 33,369 shares of the company’s stock, valued at approximately $317,339.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.61% of the company’s stock.

Several hedge funds have recently made changes to their positions in IRT. Dimensional Fund Advisors LP boosted its holdings in shares of Independence Realty Trust by 10.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,090,792 shares of the real estate investment trust’s stock worth $10,013,000 after buying an additional 99,949 shares during the period. Guggenheim Capital LLC boosted its holdings in shares of Independence Realty Trust by 45.0% during the 1st quarter. Guggenheim Capital LLC now owns 59,337 shares of the real estate investment trust’s stock worth $545,000 after buying an additional 18,419 shares during the period. Legal & General Group Plc boosted its holdings in shares of Independence Realty Trust by 5.0% during the 1st quarter. Legal & General Group Plc now owns 158,297 shares of the real estate investment trust’s stock worth $1,451,000 after buying an additional 7,484 shares during the period. Royal Bank of Canada boosted its holdings in shares of Independence Realty Trust by 70.9% during the 1st quarter. Royal Bank of Canada now owns 14,522 shares of the real estate investment trust’s stock worth $133,000 after buying an additional 6,027 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of Independence Realty Trust by 28.0% during the 1st quarter. Principal Financial Group Inc. now owns 3,267,283 shares of the real estate investment trust’s stock worth $29,994,000 after buying an additional 715,305 shares during the period. 83.44% of the stock is owned by institutional investors and hedge funds.

Shares of IRT traded up $0.17 during midday trading on Monday, reaching $10.16. The stock had a trading volume of 22,713 shares, compared to its average volume of 593,223. Independence Realty Trust has a one year low of $8.26 and a one year high of $10.63. The company has a market cap of $888.32 million, a PE ratio of 13.89 and a beta of 0.82. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.24 and a quick ratio of 0.24.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.14). Independence Realty Trust had a net margin of 9.81% and a return on equity of 2.83%. The firm had revenue of $48.78 million during the quarter, compared to the consensus estimate of $47.84 million. Analysts expect that Independence Realty Trust will post 0.74 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, October 19th. Investors of record on Friday, October 5th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 7.09%. The ex-dividend date of this dividend was Thursday, October 4th. Independence Realty Trust’s payout ratio is 98.63%.

About Independence Realty Trust

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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Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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