Independence Realty Trust (IRT) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of Independence Realty Trust (NYSE:IRT) from a hold rating to a sell rating in a research report report published on Wednesday.
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. “
A number of other analysts have also recently weighed in on the stock. B. Riley dropped their price objective on shares of Independence Realty Trust from $11.00 to $10.50 and set a buy rating on the stock in a report on Monday, November 5th. Boenning Scattergood set a $11.00 price objective on shares of Independence Realty Trust and gave the stock a buy rating in a report on Friday, November 2nd. Compass Point cut shares of Independence Realty Trust from a buy rating to a neutral rating in a report on Friday, November 2nd. Finally, Citigroup began coverage on shares of Independence Realty Trust in a report on Tuesday, October 16th. They issued a neutral rating and a $10.25 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $10.79.
Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported $0.05 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.14). Independence Realty Trust had a return on equity of 2.83% and a net margin of 9.81%. The firm had revenue of $48.78 million during the quarter, compared to analyst estimates of $47.84 million. On average, analysts expect that Independence Realty Trust will post 0.74 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Investors of record on Friday, October 5th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, October 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.21%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 98.63%.
In other Independence Realty Trust news, Director Richard H. Ross sold 7,966 shares of the firm’s stock in a transaction dated Tuesday, November 6th. The shares were sold at an average price of $9.51, for a total transaction of $75,756.66. Following the transaction, the director now owns 33,369 shares of the company’s stock, valued at approximately $317,339.19. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.61% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in Independence Realty Trust by 6.8% during the 3rd quarter. BlackRock Inc. now owns 15,592,744 shares of the real estate investment trust’s stock valued at $164,192,000 after buying an additional 996,693 shares during the period. Alliancebernstein L.P. increased its stake in Independence Realty Trust by 1.5% during the 3rd quarter. Alliancebernstein L.P. now owns 5,622,096 shares of the real estate investment trust’s stock valued at $59,201,000 after buying an additional 85,630 shares during the period. Principal Financial Group Inc. increased its stake in Independence Realty Trust by 28.0% during the 1st quarter. Principal Financial Group Inc. now owns 3,267,283 shares of the real estate investment trust’s stock valued at $29,994,000 after buying an additional 715,305 shares during the period. Northern Trust Corp increased its stake in Independence Realty Trust by 39.6% during the 2nd quarter. Northern Trust Corp now owns 1,929,403 shares of the real estate investment trust’s stock valued at $19,892,000 after buying an additional 547,081 shares during the period. Finally, Renaissance Technologies LLC increased its stake in Independence Realty Trust by 68.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,885,000 shares of the real estate investment trust’s stock valued at $19,434,000 after buying an additional 763,200 shares during the period. 83.44% of the stock is currently owned by hedge funds and other 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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