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 Tuesday, Zacks.com reports.

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. “

Other research analysts also recently issued reports about the company. TheStreet upgraded Independence Realty Trust from a c+ rating to a b- rating in a research report on Thursday, February 21st. ValuEngine upgraded Independence Realty Trust from a hold rating to a buy rating in a research report on Friday, May 10th. Boenning Scattergood set a $11.00 target price on Independence Realty Trust and gave the company a buy rating in a research report on Thursday, May 2nd. Finally, Stifel Nicolaus started coverage on Independence Realty Trust in a research report on Monday, April 8th. They set a hold rating and a $11.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $10.95.

NYSE IRT opened at $11.52 on Tuesday. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 1.61. The company has a market cap of $1.02 billion, a PE ratio of 15.57 and a beta of 0.79. Independence Realty Trust has a one year low of $8.75 and a one year high of $11.53.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Wednesday, May 1st. The real estate investment trust reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.15). The firm had revenue of $49.47 million for the quarter, compared to the consensus estimate of $49.80 million. Independence Realty Trust had a net margin of 13.05% and a return on equity of 4.05%. On average, sell-side analysts expect that Independence Realty Trust will post 0.75 EPS for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC lifted its position in Independence Realty Trust by 27.2% in the first quarter. Renaissance Technologies LLC now owns 4,258,294 shares of the real estate investment trust’s stock worth $45,947,000 after buying an additional 910,795 shares during the last quarter. Jennison Associates LLC lifted its position in Independence Realty Trust by 30.1% in the fourth quarter. Jennison Associates LLC now owns 2,276,664 shares of the real estate investment trust’s stock worth $20,900,000 after buying an additional 526,715 shares during the last quarter. BlackRock Inc. lifted its position in Independence Realty Trust by 3.2% in the first quarter. BlackRock Inc. now owns 16,492,909 shares of the real estate investment trust’s stock worth $177,961,000 after buying an additional 514,774 shares during the last quarter. Oregon Public Employees Retirement Fund bought a new stake in Independence Realty Trust in the fourth quarter worth $34,000. Finally, Morgan Stanley lifted its position in Independence Realty Trust by 109.5% in the third quarter. Morgan Stanley now owns 463,525 shares of the real estate investment trust’s stock worth $4,881,000 after buying an additional 242,261 shares during the last quarter. Hedge funds and other institutional investors own 85.84% of the company’s stock.

About Independence Realty Trust

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 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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