Independence Realty Trust (IRT) Rating Increased to Buy at ValuEngine
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.
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.
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.