Independence Realty Trust Inc (NYSE:IRT) has received a consensus recommendation of “Hold” from the ten analysts that are covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $12.42.
A number of equities analysts recently issued reports on IRT shares. National Securities initiated coverage on shares of Independence Realty Trust in a research note on Friday, September 27th. They issued a “buy” rating and a $14.00 price target for the company. ValuEngine downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. TheStreet downgraded shares of Independence Realty Trust from a “b-” rating to a “c+” rating in a research note on Friday, November 8th. Compass Point downgraded shares of Independence Realty Trust from a “buy” rating to a “neutral” rating in a research note on Thursday, October 31st. Finally, Zacks Investment Research raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Thursday, January 2nd.
Several large investors have recently bought and sold shares of IRT. Simplex Trading LLC purchased a new stake in shares of Independence Realty Trust during the third quarter valued at approximately $45,000. Tower Research Capital LLC TRC purchased a new stake in shares of Independence Realty Trust during the second quarter valued at approximately $56,000. Bank of Montreal Can grew its holdings in shares of Independence Realty Trust by 684.4% during the second quarter. Bank of Montreal Can now owns 8,730 shares of the real estate investment trust’s stock valued at $101,000 after buying an additional 7,617 shares during the last quarter. Commonwealth Equity Services LLC purchased a new stake in shares of Independence Realty Trust during the third quarter valued at approximately $200,000. Finally, Natixis Advisors L.P. purchased a new stake in shares of Independence Realty Trust during the second quarter valued at approximately $201,000. Hedge funds and other institutional investors own 87.16% of the company’s stock.
IRT stock traded up $0.10 during trading on Friday, reaching $14.53. The company had a trading volume of 129,836 shares, compared to its average volume of 384,265. Independence Realty Trust has a 52 week low of $9.83 and a 52 week high of $15.89. The company has a market cap of $1.30 billion, a P/E ratio of 19.63 and a beta of 0.74. The business has a 50 day moving average of $14.22 and a 200 day moving average of $13.84. The company has a debt-to-equity ratio of 1.62, a current ratio of 0.50 and a quick ratio of 0.50.
Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, October 30th. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.01). Independence Realty Trust had a return on equity of 5.97% and a net margin of 18.23%. The company had revenue of $51.30 million during the quarter, compared to the consensus estimate of $51.69 million. Research analysts expect that Independence Realty Trust will post 0.72 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Thursday, December 26th will be paid a dividend of $0.18 per share. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 24th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.96%. Independence Realty Trust’s dividend payout ratio (DPR) is currently 97.30%.
About Independence Realty Trust
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 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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