Independence Realty Trust (NYSE:IRT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.
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. “
Separately, Compass Point reiterated a “buy” rating on shares of Independence Realty Trust in a research note on Friday, August 3rd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $11.08.
Shares of Independence Realty Trust stock opened at $10.32 on Friday. Independence Realty Trust has a 12-month low of $8.26 and a 12-month high of $10.63. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 1.45. The firm has a market capitalization of $905.49 million, a PE ratio of 14.14 and a beta of 0.83.
Independence Realty Trust (NYSE:IRT) last issued its earnings results on Thursday, August 2nd. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). Independence Realty Trust had a net margin of 8.19% and a return on equity of 2.24%. The company had revenue of $46.73 million during the quarter, compared to analyst estimates of $47.47 million. research analysts expect that Independence Realty Trust will post 0.75 earnings per share for the current year.
A number of large investors have recently modified their holdings of the stock. BlackRock Inc. boosted its stake in Independence Realty Trust by 17.1% during the 2nd quarter. BlackRock Inc. now owns 14,596,051 shares of the real estate investment trust’s stock worth $150,484,000 after purchasing an additional 2,128,304 shares during the period. Principal Financial Group Inc. boosted its stake in Independence Realty Trust by 28.0% during the 1st quarter. Principal Financial Group Inc. now owns 3,267,283 shares of the real estate investment trust’s stock worth $29,994,000 after purchasing an additional 715,305 shares during the period. Renaissance Technologies LLC boosted its stake in Independence Realty Trust by 68.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,885,000 shares of the real estate investment trust’s stock worth $19,434,000 after purchasing an additional 763,200 shares during the period. Jennison Associates LLC boosted its stake in Independence Realty Trust by 2.9% during the 2nd quarter. Jennison Associates LLC now owns 1,779,026 shares of the real estate investment trust’s stock worth $18,342,000 after purchasing an additional 50,155 shares during the period. Finally, Blue Chip Wealth Management Inc. acquired a new stake in Independence Realty Trust during the 1st quarter worth $13,779,000. Hedge funds and other institutional investors own 83.88% of the company’s stock.
Independence Realty Trust Company Profile
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 58 multifamily apartment properties, totaling 15,860 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.
Recommended Story: Marijuana Stocks Investing Considerations
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Independence Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.