Independence Realty Trust, Inc. (IRT) Shares Gap Down to $9.46
Shares of Independence Realty Trust, Inc. (NYSE:IRT) gapped down before the market opened on Thursday . The stock had previously closed at $8.92, but opened at $9.46. Independence Realty Trust shares last traded at $9.99, with a volume of 7,388,492 shares.
Several analysts recently commented on IRT shares. Zacks Investment Research raised Independence Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a report on Tuesday, July 18th. FBR & Co reaffirmed an “outperform” rating and set a $10.75 target price on shares of Independence Realty Trust in a report on Tuesday, July 11th. JMP Securities reaffirmed an “outperform” rating and set a $11.50 target price (up from $10.50) on shares of Independence Realty Trust in a report on Friday, June 30th. ValuEngine lowered Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, July 20th. Finally, Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, August 2nd. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $10.71.
The stock has a 50-day moving average price of $10.13 and a 200 day moving average price of $9.62. The firm’s market cap is $701.55 million.
Independence Realty Trust (NYSE:IRT) last released its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.01. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. The company had revenue of $39.43 million for the quarter, compared to analysts’ expectations of $39.43 million. During the same quarter in the previous year, the firm posted $0.22 EPS. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. Analysts forecast that Independence Realty Trust, Inc. will post $0.47 EPS for the current fiscal year.
The firm also recently announced a monthly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st were given a dividend of $0.06 per share. This represents a $0.72 annualized dividend and a yield of 7.07%. The ex-dividend date of this dividend was Thursday, July 27th. Independence Realty Trust’s payout ratio is -313.03%.
In other Independence Realty Trust news, CEO Scott Schaeffer bought 35,000 shares of the company’s stock in a transaction on Monday, August 7th. The shares were bought at an average price of $10.12 per share, for a total transaction of $354,200.00. Following the transaction, the chief executive officer now 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 available at this hyperlink. Insiders own 0.58% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. increased its position in Independence Realty Trust by 147.8% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock worth $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 1st quarter worth approximately $102,000. Advisor Group Inc. increased its position in 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 purchasing an additional 4,454 shares during the period. UBS Asset Management Americas Inc. acquired a new position in Independence Realty Trust during the 4th quarter worth approximately $103,000. Finally, Profund Advisors LLC acquired a new position in Independence Realty Trust during the 2nd quarter worth approximately $103,000. Institutional investors own 74.82% of the company’s stock.
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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