Independence Realty Trust, Inc. (IRT) Trading Down 9%
Independence Realty Trust, Inc. (NYSE:IRT)’s share price was down 9% during mid-day trading on Wednesday . The stock traded as low as $9.35 and last traded at $9.46. Approximately 6,552,971 shares were traded during mid-day trading, an increase of 1,025% from the average daily volume of 582,233 shares. The stock had previously closed at $10.39.
Several equities analysts have issued reports on IRT shares. FBR & Co raised shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $9.75 to $11.50 in a research note on Thursday, June 15th. JMP Securities reissued an “outperform” rating and issued a $11.50 price objective (up from $10.50) on shares of Independence Realty Trust in a research note on Friday, June 30th. Zacks Investment Research cut shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. ValuEngine cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, July 20th. Finally, Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Independence Realty Trust in a research note on Wednesday, August 2nd. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Independence Realty Trust has a consensus rating of “Buy” and a consensus price target of $10.65.
The company has a 50 day moving average of $10.16 and a 200 day moving average of $9.62. The company’s market cap is $651.29 million.
Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The company had revenue of $39.43 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 2.9% compared to the same quarter last year. During the same period last year, the company earned $0.22 earnings per share. Equities research analysts predict that Independence Realty Trust, Inc. will post $0.48 earnings per share for the current fiscal year.
The company also recently announced a monthly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, July 31st were issued a dividend of $0.06 per share. This represents a $0.72 dividend on an annualized basis and a yield of 7.61%. The ex-dividend date of this dividend was Thursday, July 27th. Independence Realty Trust’s payout ratio is currently -313.03%.
In other news, CEO Scott Schaeffer bought 35,000 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were purchased at an average cost of $10.12 per share, with a total value of $354,200.00. Following the completion of the acquisition, the chief executive officer now directly owns 155,306 shares in the company, valued at $1,571,696.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.58% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in IRT. Oppenheimer Asset Management Inc. grew its holdings 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 worth $100,000 after acquiring an additional 6,056 shares during the period. Ameriprise Financial Inc. acquired a new position in Independence Realty Trust during the first quarter worth about $102,000. Advisor Group Inc. grew its holdings 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 worth $102,000 after acquiring 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 worth about $103,000. Finally, Profund Advisors LLC acquired a new position in Independence Realty Trust during the second quarter worth about $103,000. 74.82% of the stock is currently owned by hedge funds and other institutional investors.
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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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