Independence Realty Trust Inc. (NYSEMKT:IRT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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. “
IRT has been the subject of a number of other research reports. TheStreet raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a research note on Monday, September 26th. FBR & Co lifted their target price on shares of Independence Realty Trust from $8.00 to $9.50 and gave the stock a “mkt perform” rating in a research note on Thursday, August 4th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Independence Realty Trust currently has an average rating of “Buy” and an average price target of $10.00.
Shares of Independence Realty Trust (NYSEMKT:IRT) traded down 2.18% during trading on Wednesday, reaching $8.54. 2,884,676 shares of the company were exchanged. The stock’s 50-day moving average is $9.63 and its 200-day moving average is $8.31. Independence Realty Trust has a 52-week low of $5.97 and a 52-week high of $10.70.
Independence Realty Trust (NYSEMKT:IRT) last released its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.01. The business had revenue of $38.27 million for the quarter, compared to the consensus estimate of $38.13 million. Independence Realty Trust’s revenue was up 68.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.19 EPS. Equities research analysts anticipate that Independence Realty Trust will post $0.86 earnings per share for the current year.
The business also recently declared a monthly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be paid a $0.06 dividend. This represents a $0.72 annualized dividend and a yield of 8.43%. The ex-dividend date is Wednesday, September 28th. Independence Realty Trust’s dividend payout ratio (DPR) is currently 53.73%.
A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Independence Realty Trust by 4.1% in the second quarter. Vanguard Group Inc. now owns 1,249,004 shares of the real estate investment trust’s stock valued at $10,217,000 after buying an additional 49,152 shares during the period. BlackRock Fund Advisors boosted its position in shares of Independence Realty Trust by 26.1% in the second quarter. BlackRock Fund Advisors now owns 1,093,003 shares of the real estate investment trust’s stock worth $8,941,000 after buying an additional 225,907 shares in the last quarter. Raymond James & Associates boosted its position in shares of Independence Realty Trust by 2.4% in the second quarter. Raymond James & Associates now owns 803,761 shares of the real estate investment trust’s stock worth $6,575,000 after buying an additional 18,698 shares in the last quarter. State Street Corp boosted its position in shares of Independence Realty Trust by 28.8% in the second quarter. State Street Corp now owns 784,992 shares of the real estate investment trust’s stock worth $6,419,000 after buying an additional 175,351 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its position in shares of Independence Realty Trust by 10.0% in the second quarter. State of New Jersey Common Pension Fund D now owns 631,100 shares of the real estate investment trust’s stock worth $5,162,000 after buying an additional 57,500 shares in the last quarter.
Independence Realty Trust Company Profile
Independence Realty Trust, Inc is an externally managed and advised apartment real estate investment trust (REIT). The Company’s business consists of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. It owns and operates a portfolio of garden style and mid-rise apartment communities in the Southeastern United States.
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