FBR & Co reiterated their buy rating on shares of Independence Realty Trust, Inc. (NYSE:IRT) in a report released on Tuesday. The brokerage currently has a $11.50 price objective on the real estate investment trust’s stock.
Several other research firms also recently commented on IRT. BidaskClub upgraded shares of Independence Realty Trust from a hold rating to a buy rating in a research note on Saturday, August 12th. Ladenburg Thalmann Financial Services reiterated a buy rating on shares of Independence Realty Trust in a research note on Wednesday, August 2nd. Zacks Investment Research downgraded shares of Independence Realty Trust from a buy rating to a hold rating in a research note on Thursday, August 24th. JMP Securities reiterated an outperform rating and set a $11.50 price objective (up from $10.50) on shares of Independence Realty Trust in a research note on Friday, June 30th. Finally, ValuEngine upgraded shares of Independence Realty Trust from a hold rating to a buy rating in a research note on Friday, September 1st. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $10.83.
Independence Realty Trust (NYSE IRT) opened at 10.28 on Tuesday. Independence Realty Trust has a 52-week low of $7.74 and a 52-week high of $10.70. The company has a 50-day moving average price of $10.13 and a 200 day moving average price of $9.64. The company’s market capitalization is $707.75 million.
Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.01. Independence Realty Trust had a negative net margin of 10.28% and a negative return on equity of 3.22%. The business had revenue of $39.43 million during the quarter, compared to the consensus estimate of $39.43 million. During the same period in the previous year, the firm posted $0.22 earnings per share. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. Equities research analysts anticipate that Independence Realty Trust will post $0.47 earnings per share for the current year.
The firm also recently announced a monthly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, July 31st were given a dividend of $0.06 per share. The ex-dividend date was Thursday, July 27th. This represents a $0.72 dividend on an annualized basis and a yield of 7.00%. Independence Realty Trust’s dividend payout ratio is presently -313.03%.
In other Independence Realty Trust news, CEO Scott Schaeffer bought 35,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 155,306 shares of the company’s stock, valued at approximately $1,571,696.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.58% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of IRT. Oppenheimer Asset Management Inc. lifted its position in Independence Realty Trust by 147.8% during 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 purchasing an additional 6,056 shares during the period. Ameriprise Financial Inc. acquired a new position in Independence Realty Trust during the first quarter valued at $102,000. Advisor Group Inc. lifted its position in Independence Realty Trust by 76.8% during the second quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock valued at $102,000 after purchasing an additional 4,454 shares during the period. UBS Asset Management Americas Inc. acquired a new position in Independence Realty Trust during the fourth quarter valued at $103,000. Finally, Profund Advisors LLC acquired a new position in Independence Realty Trust during the second quarter valued at $103,000. Institutional investors own 74.82% of the company’s stock.
About Independence Realty Trust
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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