Independence Realty Trust, Inc. (IRT) Cut to “Sell” at Zacks Investment Research
Zacks Investment Research cut shares of Independence Realty Trust, Inc. (NYSE:IRT) from a hold rating to a sell rating in a report issued on Thursday.
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 analysts have also recently issued research reports about the stock. B. Riley reiterated a buy rating on shares of Independence Realty Trust in a research note on Wednesday, November 1st. Ladenburg Thalmann Financial Services restated a buy rating on shares of Independence Realty Trust in a research report on Wednesday, November 1st. Robert W. Baird restated a buy rating and set a $11.00 price objective on shares of Independence Realty Trust in a research report on Tuesday, October 17th. FBR & Co restated a buy rating and set a $11.50 price objective on shares of Independence Realty Trust in a research report on Tuesday, September 12th. Finally, ValuEngine upgraded shares of Independence Realty Trust from a hold rating to a buy rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. Independence Realty Trust currently has a consensus rating of Buy and a consensus price target of $11.00.
Shares of Independence Realty Trust (IRT) traded up $0.06 during trading hours on Thursday, reaching $10.47. 515,300 shares of the company were exchanged, compared to its average volume of 728,755. The firm has a market cap of $874.44, a PE ratio of 14.34 and a beta of 1.07. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.40 and a current ratio of 0.40. Independence Realty Trust has a 12-month low of $8.06 and a 12-month high of $10.63.
Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.11. The firm had revenue of $39.86 million during the quarter, compared to analysts’ expectations of $40.38 million. Independence Realty Trust had a negative net margin of 10.91% and a negative return on equity of 3.08%. Independence Realty Trust’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.21 EPS. analysts anticipate that Independence Realty Trust will post 0.74 earnings per share for the current fiscal year.
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The company also recently disclosed a monthly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.72 dividend on an annualized basis and a yield of 6.88%. Independence Realty Trust’s payout ratio is currently -276.92%.
Several institutional investors and hedge funds have recently made changes to their positions in IRT. Jennison Associates LLC purchased a new position in shares of Independence Realty Trust in the 3rd quarter valued at about $12,713,000. Phocas Financial Corp. purchased a new position in shares of Independence Realty Trust in the 2nd quarter valued at about $10,757,000. Principal Financial Group Inc. increased its holdings in shares of Independence Realty Trust by 93.7% in the 3rd quarter. Principal Financial Group Inc. now owns 2,121,772 shares of the real estate investment trust’s stock valued at $21,578,000 after purchasing an additional 1,026,415 shares in the last quarter. Global X Management Co. LLC purchased a new position in shares of Independence Realty Trust in the 2nd quarter valued at about $10,068,000. Finally, Barings LLC purchased a new position in shares of Independence Realty Trust in the 3rd quarter valued at about $9,490,000. Institutional investors and hedge funds own 65.50% 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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