Independence Realty Trust (NYSE:IRT) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

A number of other equities research analysts have also issued reports on IRT. Zacks Investment Research raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Wednesday, October 17th. Boenning Scattergood assumed 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. B. Riley dropped their price objective on shares of Independence Realty Trust from $11.00 to $10.50 and set a “buy” rating for the company in a report on Monday, November 5th. Compass Point lowered shares of Independence Realty Trust from a “buy” rating to a “neutral” rating in a report on Friday, November 2nd. Finally, Citigroup assumed 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 for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Independence Realty Trust presently has an average rating of “Buy” and a consensus price target of $10.75.

Shares of NYSE IRT traded up $0.28 during mid-day trading on Thursday, reaching $10.34. The company’s stock had a trading volume of 618,509 shares, compared to its average volume of 575,218. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 1.51. Independence Realty Trust has a 1-year low of $8.26 and a 1-year high of $10.59. The stock has a market capitalization of $894.54 million, a price-to-earnings ratio of 14.16 and a beta of 0.84.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.14). Independence Realty Trust had a net margin of 9.81% and a return on equity of 2.83%. The firm had revenue of $48.78 million during the quarter, compared to analysts’ expectations of $47.84 million. As a group, equities research analysts expect that Independence Realty Trust will post 0.74 EPS for the current year.

In other Independence Realty Trust news, Director Richard H. Ross sold 7,966 shares of the 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 completion of the transaction, the director now owns 33,369 shares of the company’s stock, valued at $317,339.19. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.61% of the company’s stock.

A number of hedge funds have recently made changes to their positions in IRT. Royal Bank of Canada boosted its stake in 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 worth $133,000 after buying an additional 6,027 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Independence Realty Trust by 16.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 90,603 shares of the real estate investment trust’s stock worth $934,000 after buying an additional 12,859 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Independence Realty Trust during the second quarter worth about $171,000. First Trust Advisors LP boosted its stake in Independence Realty Trust by 16.7% during the second quarter. First Trust Advisors LP now owns 111,528 shares of the real estate investment trust’s stock worth $1,150,000 after buying an additional 15,938 shares during the period. Finally, Jennison Associates LLC boosted its stake in Independence Realty Trust by 2.9% during the second quarter. Jennison Associates LLC now owns 1,779,026 shares of the real estate investment trust’s stock worth $18,342,000 after buying an additional 50,155 shares during the period. 85.99% of the stock is owned by institutional investors.

About Independence Realty Trust

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 59 multifamily apartment properties, totaling 16,120 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.

Recommended Story: Day Trading – Risk Worth the Reward?

To view ValuEngine’s full report, visit ValuEngine’s official website.

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.