Independence Realty Trust, Inc. (NYSE:IRT) has earned a consensus rating of “Buy” from the nine brokerages that are presently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $11.00.
Several equities analysts have commented on the company. Zacks Investment Research raised Independence Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a report on Friday, August 25th. ValuEngine cut Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, July 20th. BidaskClub cut Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. FBR & Co raised Independence Realty Trust from a “market perform” rating to an “outperform” rating and upped their price target for the company from $9.75 to $11.50 in a report on Thursday, June 15th. Finally, JMP Securities reaffirmed an “outperform” rating and issued a $11.50 price target (up previously from $10.50) on shares of Independence Realty Trust in a report on Friday, June 30th.
Shares of Independence Realty Trust (NYSE IRT) traded down 1.05% during midday trading on Friday, hitting $10.37. The stock had a trading volume of 912,462 shares. The firm has a 50-day moving average of $10.18 and a 200 day moving average of $9.79. Independence Realty Trust has a 12-month low of $7.74 and a 12-month high of $10.52.
Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 EPS for the quarter, beating the consensus estimate of $0.18 by $0.01. The firm had revenue of $39.43 million during the quarter, compared to analysts’ expectations 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 company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.22 EPS. Equities research analysts anticipate that Independence Realty Trust will post $0.46 earnings per share for the current fiscal year.
The business also recently announced a monthly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were issued a $0.06 dividend. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.94%. Independence Realty Trust’s payout ratio is presently -313.03%.
In related news, CEO Scott Schaeffer bought 35,000 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was acquired at an average cost of $10.12 per share, with a total value of $354,200.00. Following the acquisition, the chief executive officer now owns 155,306 shares in the company, valued at approximately $1,571,696.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.58% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of IRT. Phocas Financial Corp. acquired a new position in shares of Independence Realty Trust in the 2nd quarter worth approximately $10,757,000. Global X Management Co. LLC acquired a new position in shares of Independence Realty Trust in the 2nd quarter worth approximately $10,068,000. Nuveen Asset Management LLC raised its holdings in shares of Independence Realty Trust by 149.6% in the 1st quarter. Nuveen Asset Management LLC now owns 1,345,558 shares of the real estate investment trust’s stock worth $12,608,000 after buying an additional 806,509 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Independence Realty Trust by 5,759.7% in the 1st quarter. Principal Financial Group Inc. now owns 628,800 shares of the real estate investment trust’s stock worth $5,892,000 after buying an additional 618,069 shares in the last quarter. Finally, PVG Asset Management Corp acquired a new position in shares of Independence Realty Trust in the 1st quarter worth approximately $4,953,000. 61.94% of the stock is owned by institutional investors and hedge funds.
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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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