Independence Realty Trust (IRT) Upgraded to Strong-Buy by ValuEngine

Independence Realty Trust (NYSE:IRT) was upgraded by investment analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a report issued on Sunday.

IRT has been the topic of several other research reports. Zacks Investment Research lowered Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Thursday, November 9th. National Securities boosted their price target on Independence Realty Trust from $9.00 to $11.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 22nd. B. Riley reaffirmed a “buy” rating on shares of Independence Realty Trust in a research report on Wednesday, November 1st. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Independence Realty Trust in a research report on Wednesday, November 1st. Finally, KeyCorp began coverage on Independence Realty Trust in a research report on Tuesday, December 5th. They set a “sector weight” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $11.33.

Independence Realty Trust (IRT) opened at $10.09 on Friday. The firm has a market capitalization of $851.89, a P/E ratio of -38.81 and a beta of 1.08. Independence Realty Trust has a 1 year low of $8.57 and a 1 year high of $10.63. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.40 and a current ratio of 0.40.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.11. The firm had revenue of $39.86 million for the quarter, compared to analyst estimates of $40.38 million. Independence Realty Trust had a negative return on equity of 3.08% and a negative net margin of 10.91%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.21 EPS. sell-side analysts forecast that Independence Realty Trust will post 0.74 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio boosted its stake in shares of Independence Realty Trust by 40.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 92,003 shares of the real estate investment trust’s stock worth $936,000 after acquiring an additional 26,391 shares during the period. Sterling Capital Management LLC bought a new position in shares of Independence Realty Trust during the 3rd quarter worth approximately $852,000. PVG Asset Management Corp boosted its stake in shares of Independence Realty Trust by 34.6% during the 3rd quarter. PVG Asset Management Corp now owns 178,968 shares of the real estate investment trust’s stock worth $1,820,000 after acquiring an additional 46,054 shares during the period. Piedmont Investment Advisors LLC boosted its stake in shares of Independence Realty Trust by 38.6% during the 3rd quarter. Piedmont Investment Advisors LLC now owns 17,785 shares of the real estate investment trust’s stock worth $181,000 after acquiring an additional 4,956 shares during the period. Finally, California Public Employees Retirement System boosted its stake in shares of Independence Realty Trust by 4.7% during the 3rd quarter. California Public Employees Retirement System now owns 337,831 shares of the real estate investment trust’s stock worth $3,436,000 after acquiring an additional 15,294 shares during the period. Institutional investors own 78.49% of the company’s stock.

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About Independence Realty Trust

Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.

Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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