Research analysts at Citigroup assumed coverage on shares of Independence Realty Trust (NYSE:IRT) in a report issued on Tuesday, Marketbeat.com reports. The brokerage set a “neutral” rating and a $10.25 price target on the real estate investment trust’s stock. Citigroup’s target price would indicate a potential upside of 4.81% from the stock’s current price.

Other analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Wednesday, July 4th. Compass Point restated a “buy” rating on shares of Independence Realty Trust in a report on Friday, August 3rd. Finally, Boenning Scattergood started coverage on shares of Independence Realty Trust in a report on Monday, September 17th. They issued an “outperform” rating and a $11.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. Independence Realty Trust has an average rating of “Hold” and a consensus target price of $10.83.

Shares of NYSE IRT traded down $0.03 during trading hours on Tuesday, hitting $9.78. The company’s stock had a trading volume of 5,983 shares, compared to its average volume of 586,384. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.27 and a quick ratio of 0.27. The stock has a market capitalization of $923.02 million, a PE ratio of 13.32 and a beta of 0.84. Independence Realty Trust has a 12 month low of $8.26 and a 12 month high of $10.63.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Thursday, August 2nd. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.01). The business had revenue of $46.73 million during the quarter, compared to the consensus estimate of $47.47 million. Independence Realty Trust had a return on equity of 2.24% and a net margin of 8.19%. As a group, equities research analysts anticipate that Independence Realty Trust will post 0.75 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new position in shares of Independence Realty Trust during the second quarter valued at approximately $118,000. Tower Research Capital LLC TRC purchased a new position in shares of Independence Realty Trust during the second quarter valued at approximately $123,000. Royal Bank of Canada lifted its holdings in shares of Independence Realty Trust by 70.9% during the first quarter. Royal Bank of Canada now owns 14,522 shares of the real estate investment trust’s stock valued at $133,000 after purchasing an additional 6,027 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Independence Realty Trust during the second quarter valued at approximately $171,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of Independence Realty Trust during the second quarter valued at approximately $190,000. Hedge funds and other institutional investors own 83.88% of the company’s stock.

Independence Realty Trust Company Profile

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.

Further Reading: What are retained earnings?

Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

Receive News & Ratings for Independence Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.