Independence Realty Trust (NYSE:IRT) Raised to “Hold” at Wall Street Zen

Independence Realty Trust (NYSE:IRT) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday, Wall Street Zen reports.

Other equities analysts have also recently issued research reports about the stock. Weiss Ratings restated a “hold (c)” rating on shares of Independence Realty Trust in a research report on Tuesday, November 3rd. Citigroup reiterated a “market outperform” rating on shares of Independence Realty Trust in a report on Thursday, September 10th. Royal Bank Of Canada raised their target price on Independence Realty Trust from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. UBS Group cut their target price on Independence Realty Trust from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Wednesday, October 14th. Finally, Barclays reduced their price target on Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Wednesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Independence Realty Trust presently has an average rating of “Moderate Buy” and an average price target of $19.39.

Independence Realty Trust Stock Down 0.0%

Shares of NYSE IRT opened at $14.99 on Friday. The firm’s fifty day moving average is $15.03 and its 200 day moving average is $16.03. Independence Realty Trust has a 52 week low of $14.33 and a 52 week high of $17.79. The company has a market cap of $3.54 billion, a price-to-earnings ratio of 57.68 and a beta of 0.90.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings results on Monday, November 2nd. The real estate investment trust reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.18). The firm had revenue of $171.96 million for the quarter, compared to analysts’ expectations of $171.43 million. Independence Realty Trust had a net margin of 9.19% and a return on equity of 1.75%. During the same period in the previous year, the company earned $0.29 EPS. Equities research analysts anticipate that Independence Realty Trust will post 1.14 earnings per share for the current year.

Institutional Trading of Independence Realty Trust

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Independence Realty Trust in the second quarter worth $601,975,000. Dimensional Fund Advisors LP lifted its position in Independence Realty Trust by 4.0% during the first quarter. Dimensional Fund Advisors LP now owns 3,473,797 shares of the real estate investment trust’s stock valued at $51,725,000 after buying an additional 134,364 shares during the period. Rush Island Management LP bought a new stake in shares of Independence Realty Trust during the 1st quarter valued at $51,462,000. Bank of America Corp DE bought a new stake in shares of Independence Realty Trust during the 2nd quarter valued at $35,737,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Independence Realty Trust during the 2nd quarter valued at $32,868,000. Institutional investors own 88.25% of the company’s stock.

About Independence Realty Trust

Independence Realty Trust, Inc is a real estate investment trust (REIT) that owns and operates multifamily apartment communities in U.S. markets. Its business centers on providing rental housing and managing residential properties.

The company focuses on apartment communities in non-gateway markets, with a portfolio concentrated in regions including the Southeast, Midwest and Mid-Atlantic. Its properties offer apartment homes and resident amenities.

Founded in 2009, Independence Realty Trust became publicly traded on the New York Stock Exchange in 2013.