Independence Realty Trust Inc (NYSE:IRT) Director Richard H. Ross sold 7,966 shares of the company’s stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $9.51, for a total value of $75,756.66. Following 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 filing with the Securities & Exchange Commission, which is available at this link.
Shares of NYSE:IRT opened at $9.99 on Friday. The firm has a market capitalization of $883.87 million, a price-to-earnings ratio of 13.43 and a beta of 0.82. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 1.51. Independence Realty Trust Inc has a 1 year low of $8.26 and a 1 year high of $10.63.
Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.14). The business had revenue of $48.78 million during the quarter, compared to the consensus estimate of $47.84 million. Independence Realty Trust had a net margin of 9.81% and a return on equity of 2.83%. On average, equities analysts forecast that Independence Realty Trust Inc will post 0.74 EPS for the current fiscal year.
A number of large investors have recently made changes to their positions in the business. BlackRock Inc. grew its stake in Independence Realty Trust by 6.8% in the 3rd quarter. BlackRock Inc. now owns 15,592,744 shares of the real estate investment trust’s stock valued at $164,192,000 after purchasing an additional 996,693 shares during the period. Alliancebernstein L.P. lifted its position in shares of Independence Realty Trust by 1.5% during the 3rd quarter. Alliancebernstein L.P. now owns 5,622,096 shares of the real estate investment trust’s stock valued at $59,201,000 after buying an additional 85,630 shares during the last quarter. Principal Financial Group Inc. lifted its position 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 valued at $29,994,000 after buying an additional 715,305 shares during the last quarter. Northern Trust Corp lifted its position in shares of Independence Realty Trust by 39.6% during the 2nd quarter. Northern Trust Corp now owns 1,929,403 shares of the real estate investment trust’s stock valued at $19,892,000 after buying an additional 547,081 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Independence Realty Trust by 68.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,885,000 shares of the real estate investment trust’s stock valued at $19,434,000 after buying an additional 763,200 shares during the last quarter. Hedge funds and other institutional investors own 83.44% of the company’s stock.
Several brokerages recently issued reports on IRT. Boenning Scattergood began coverage on Independence Realty Trust in a report on Monday, September 17th. They set an “outperform” rating and a $11.00 price target for the company. Compass Point restated a “buy” rating on shares of Independence Realty Trust in a research note on Friday, August 3rd. Zacks Investment Research upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, October 17th. Finally, Citigroup initiated coverage on Independence Realty Trust in a research note on Tuesday, October 16th. They issued a “neutral” rating and a $10.25 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $10.79.
Independence Realty Trust Company Profile
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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