Wall Street Zen Downgrades Independence Realty Trust (NYSE:IRT) to Sell

Independence Realty Trust (NYSE:IRT) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Sunday.

Other equities analysts also recently issued reports about the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a report on Monday, December 29th. KeyCorp reduced their target price on shares of Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, December 4th. Colliers Securities cut shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a report on Thursday, December 4th. Deutsche Bank Aktiengesellschaft downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 price objective for the company. in a research report on Tuesday, January 20th. Finally, BMO Capital Markets raised Independence Realty Trust from a “market perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $22.00 in a research report on Friday, January 9th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.35.

Independence Realty Trust Stock Down 0.7%

NYSE:IRT opened at $16.45 on Friday. Independence Realty Trust has a 12-month low of $15.06 and a 12-month high of $21.86. The firm has a market capitalization of $3.90 billion, a price-to-earnings ratio of 68.54, a P/E/G ratio of 2.09 and a beta of 1.00. The stock’s 50 day moving average price is $16.95 and its two-hundred day moving average price is $16.86.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The company had revenue of $167.13 million during the quarter, compared to the consensus estimate of $170.26 million. During the same period in the previous year, the company posted $0.32 EPS. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities research analysts expect that Independence Realty Trust will post 1.19 EPS for the current year.

Institutional Investors Weigh In On Independence Realty Trust

Institutional investors have recently made changes to their positions in the stock. Solstein Capital LLC bought a new position in Independence Realty Trust during the 3rd quarter worth $25,000. Danske Bank A S acquired a new stake in shares of Independence Realty Trust during the 3rd quarter worth $26,000. First Horizon Corp bought a new position in shares of Independence Realty Trust in the third quarter worth $27,000. Farther Finance Advisors LLC raised its stake in Independence Realty Trust by 70.3% in the fourth quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 747 shares in the last quarter. Finally, Hantz Financial Services Inc. raised its stake in Independence Realty Trust by 551.2% in the second quarter. Hantz Financial Services Inc. now owns 1,869 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 1,582 shares in 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.