Independence Realty Trust (NYSE:IRT) Downgraded by Zacks Research to “Strong Sell”

Zacks Research downgraded shares of Independence Realty Trust (NYSE:IRT) from a hold rating to a strong sell rating in a research note issued to investors on Thursday morning,Zacks.com reports.

Other research analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft downgraded Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a research note on Tuesday. Colliers Securities lowered shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research report on Thursday, December 4th. UBS Group boosted their price objective on shares of Independence Realty Trust from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, January 8th. Wall Street Zen lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a report on Monday, December 29th. Eight investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.35.

Independence Realty Trust Stock Up 0.1%

Shares of IRT opened at $16.84 on Thursday. The firm has a market cap of $4.03 billion, a price-to-earnings ratio of 168.37, a price-to-earnings-growth ratio of 2.05 and a beta of 1.00. The company’s fifty day moving average is $17.07 and its 200-day moving average is $16.97. Independence Realty Trust has a 12 month low of $15.06 and a 12 month high of $21.86.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.The business had revenue of $167.14 million during the quarter, compared to the consensus estimate of $168.31 million. During the same quarter in the prior year, the company posted $0.29 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. As a group, research analysts predict that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 23rd. Stockholders of record on Wednesday, December 31st were paid a $0.17 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.68 annualized dividend and a dividend yield of 4.0%. Independence Realty Trust’s dividend payout ratio is currently 680.00%.

Hedge Funds Weigh In On Independence Realty Trust

Several hedge funds have recently added to or reduced their stakes in IRT. Long Pond Capital LP boosted its position in shares of Independence Realty Trust by 564.5% during the second quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust’s stock valued at $97,304,000 after buying an additional 4,672,690 shares during the period. Franklin Resources Inc. grew its position in Independence Realty Trust by 1,435.4% in the 3rd quarter. Franklin Resources Inc. now owns 3,827,503 shares of the real estate investment trust’s stock valued at $62,733,000 after acquiring an additional 3,578,221 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in Independence Realty Trust in the second quarter worth $30,368,000. Freestone Grove Partners LP purchased a new stake in shares of Independence Realty Trust during the third quarter valued at $21,965,000. Finally, Citadel Advisors LLC grew its holdings in shares of Independence Realty Trust by 50.8% in the third quarter. Citadel Advisors LLC now owns 3,473,040 shares of the real estate investment trust’s stock worth $56,923,000 after purchasing an additional 1,170,633 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.