Independence Realty Trust (IRT) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Independence Realty Trust (NYSE:IRT) from a sell rating to a hold rating in a research report report published on Tuesday.

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. “

A number of other equities analysts have also recently issued reports on the stock. ValuEngine raised shares of Independence Realty Trust from a buy rating to a strong-buy rating in a report on Sunday, December 31st. KeyCorp began coverage on shares of Independence Realty Trust in a report on Tuesday, December 5th. They issued a sector weight rating on the stock. National Securities raised their target price on shares of Independence Realty Trust from $9.00 to $11.00 and gave the stock a neutral rating in a report on Wednesday, November 22nd. B. Riley reissued a buy rating on shares of Independence Realty Trust in a report on Wednesday, November 1st. Finally, Ladenburg Thalmann Financial Services reissued a buy rating on shares of Independence Realty Trust in a report on Wednesday, November 1st. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $11.33.

Shares of Independence Realty Trust (IRT) traded down $0.19 during midday trading on Tuesday, reaching $9.50. 750,498 shares of the company’s stock were exchanged, compared to its average volume of 560,911. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 1.14. Independence Realty Trust has a 1 year low of $8.57 and a 1 year high of $10.63. The company has a market capitalization of $793.43, a PE ratio of -36.54 and a beta of 1.08.

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

Several institutional investors and hedge funds have recently added to or reduced their stakes in IRT. Schwab Charles Investment Management Inc. raised its holdings in shares of Independence Realty Trust by 15.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 424,871 shares of the real estate investment trust’s stock valued at $4,194,000 after buying an additional 57,544 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Independence Realty Trust by 87.2% during the second quarter. Rhumbline Advisers now owns 130,860 shares of the real estate investment trust’s stock valued at $1,292,000 after buying an additional 60,961 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Independence Realty Trust by 66.7% during the second quarter. Bank of New York Mellon Corp now owns 1,201,315 shares of the real estate investment trust’s stock valued at $11,857,000 after buying an additional 480,821 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Independence Realty Trust by 678.8% during the second quarter. Legal & General Group Plc now owns 108,801 shares of the real estate investment trust’s stock valued at $1,074,000 after buying an additional 94,830 shares during the last quarter. Finally, Comerica Bank bought a new stake in shares of Independence Realty Trust during the second quarter valued at approximately $636,000. 78.49% of the stock is currently owned by institutional investors.

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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.

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