Independence Realty Trust, Inc. (NYSE:IRT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

According to Zacks, “Independence Realty Trust, Inc. is a real estate investment trust. It is focused on acquiring and owning well-located garden-style and mid-rise apartment properties. The Company owns apartment properties primarily in Arizona, Colorado, Georgia, Indiana, Texas and Virginia. Independence Realty Trust, Inc. is based in United States. “

Other equities research analysts also recently issued reports about the stock. Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Independence Realty Trust in a research note on Wednesday, August 2nd. ValuEngine downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, July 20th. FBR & Co reiterated an “outperform” rating and set a $10.75 price objective on shares of Independence Realty Trust in a research note on Tuesday, July 11th. BidaskClub upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a research note on Saturday, August 12th. Finally, 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. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Independence Realty Trust has a consensus rating of “Buy” and a consensus price target of $10.83.

Shares of Independence Realty Trust (NYSE:IRT) opened at 10.10 on Tuesday. The stock’s 50 day moving average is $10.14 and its 200 day moving average is $9.65. Independence Realty Trust has a 12 month low of $7.74 and a 12 month high of $10.70.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The firm had revenue of $39.43 million for the quarter, compared to the consensus estimate of $39.43 million. Independence Realty Trust had a negative net margin of 10.28% and a negative return on equity of 3.22%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.22 earnings per share. Equities research analysts expect that Independence Realty Trust will post $0.47 EPS for the current year.

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In related news, CEO Scott Schaeffer purchased 35,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were bought at an average cost of $10.12 per share, with a total value of $354,200.00. Following the acquisition, the chief executive officer now owns 155,306 shares of the company’s stock, valued at $1,571,696.72. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.58% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of the stock. Parametric Portfolio Associates LLC boosted its holdings in shares of Independence Realty Trust by 0.4% in the 1st quarter. Parametric Portfolio Associates LLC now owns 69,887 shares of the real estate investment trust’s stock worth $655,000 after buying an additional 261 shares during the last quarter. UBS Group AG boosted its holdings in shares of Independence Realty Trust by 0.6% in the 1st quarter. UBS Group AG now owns 67,706 shares of the real estate investment trust’s stock worth $634,000 after buying an additional 384 shares during the last quarter. Kissinger Financial Services LLC boosted its holdings in shares of Independence Realty Trust by 1.0% in the 2nd quarter. Kissinger Financial Services LLC now owns 94,825 shares of the real estate investment trust’s stock worth $936,000 after buying an additional 925 shares during the last quarter. Bard Associates Inc. boosted its holdings in shares of Independence Realty Trust by 0.5% in the 2nd quarter. Bard Associates Inc. now owns 189,725 shares of the real estate investment trust’s stock worth $1,873,000 after buying an additional 1,000 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Independence Realty Trust by 10.8% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 14,400 shares of the real estate investment trust’s stock worth $142,000 after buying an additional 1,400 shares during the last quarter. 74.82% of the stock is currently owned by institutional investors.

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.

Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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