Zacks Investment Research upgraded shares of Independence Realty Trust (NYSE:IRT) from a sell rating to a hold rating in a research note released on Friday.

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. “

Separately, Compass Point reaffirmed a buy rating on shares of Independence Realty Trust in a research report on Friday, August 3rd. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Independence Realty Trust presently has an average rating of Buy and a consensus target price of $11.08.

NYSE:IRT traded down $0.03 during mid-day trading on Friday, reaching $10.29. 329,849 shares of the stock were exchanged, compared to its average volume of 426,078. The company has a market capitalization of $904.61 million, a PE ratio of 14.10 and a beta of 0.83. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 1.45. Independence Realty Trust has a 1 year low of $8.26 and a 1 year high of $10.63.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Thursday, August 2nd. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The firm had revenue of $46.73 million for the quarter, compared to analysts’ expectations of $47.47 million. Independence Realty Trust had a return on equity of 2.24% and a net margin of 8.19%. sell-side analysts anticipate that Independence Realty Trust will post 0.75 EPS for the current fiscal year.

Institutional investors have recently bought and sold shares of the business. WINTON GROUP Ltd acquired a new stake in Independence Realty Trust during the 1st quarter worth approximately $631,000. Legal & General Group Plc lifted its position in Independence Realty Trust by 5.0% during the 1st quarter. Legal & General Group Plc now owns 158,297 shares of the real estate investment trust’s stock worth $1,451,000 after acquiring an additional 7,484 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Independence Realty Trust by 16.5% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 90,603 shares of the real estate investment trust’s stock worth $934,000 after acquiring an additional 12,859 shares during the period. Thrivent Financial for Lutherans lifted its position in Independence Realty Trust by 29.8% during the 1st quarter. Thrivent Financial for Lutherans now owns 84,902 shares of the real estate investment trust’s stock worth $779,000 after acquiring an additional 19,513 shares during the period. Finally, Rhumbline Advisers lifted its position in Independence Realty Trust by 6.8% during the 1st quarter. Rhumbline Advisers now owns 204,517 shares of the real estate investment trust’s stock worth $1,877,000 after acquiring an additional 12,986 shares during the period. 83.88% of the stock is owned by institutional investors.

About Independence Realty Trust

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 58 multifamily apartment properties, totaling 15,860 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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