Independence Realty Trust (NYSE:IRT) issued its quarterly earnings results on Tuesday. The real estate investment trust reported $0.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.01), Bloomberg Earnings reports. The company had revenue of $42.31 million during the quarter, compared to analysts’ expectations of $43.59 million. Independence Realty Trust had a negative net margin of 10.91% and a negative return on equity of 3.08%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.17 earnings per share. Independence Realty Trust updated its FY18 guidance to $0.74-$0.79 EPS.
Shares of Independence Realty Trust (NYSE:IRT) opened at $8.60 on Wednesday. The stock has a market cap of $733.29, a P/E ratio of -33.08 and a beta of 0.91. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 1.14. Independence Realty Trust has a 1-year low of $8.26 and a 1-year high of $10.63.
Several hedge funds and other institutional investors have recently made changes to their positions in IRT. Advisor Group Inc. increased its holdings in shares of Independence Realty Trust by 76.8% during the 2nd quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock worth $102,000 after buying an additional 4,454 shares during the last quarter. Loeb Partners Corp acquired a new stake in shares of Independence Realty Trust during the 3rd quarter worth approximately $102,000. SG Americas Securities LLC acquired a new stake in shares of Independence Realty Trust during the 3rd quarter worth approximately $105,000. CIBC Asset Management Inc acquired a new stake in shares of Independence Realty Trust during the 4th quarter worth approximately $110,000. Finally, Koch Industries Inc. acquired a new stake in shares of Independence Realty Trust during the 2nd quarter worth approximately $112,000. Institutional investors and hedge funds own 81.35% of the company’s stock.
A number of analysts have commented on the stock. National Securities increased their price objective on shares of Independence Realty Trust from $9.00 to $11.00 and gave the company a “neutral” rating in a report on Wednesday, November 22nd. B. Riley reiterated a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, November 1st. Zacks Investment Research downgraded shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Thursday, November 9th. KeyCorp assumed coverage on shares of Independence Realty Trust in a report on Tuesday, December 5th. They issued a “sector weight” rating for the company. Finally, Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Independence Realty Trust currently has an average rating of “Buy” and an average price target of $11.43.
ILLEGAL ACTIVITY WARNING: This piece of content was originally posted by Stock Observer and is owned by of Stock Observer. If you are accessing this piece of content on another domain, it was illegally copied and republished in violation of U.S. and international trademark & copyright law. The legal version of this piece of content can be viewed at https://www.thestockobserver.com/2018/02/20/independence-realty-trust-irt-releases-earnings-results-beats-estimates-by-0-11-eps.html.
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.
Receive News & Ratings for Independence Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.