Independence Realty Trust Inc (IRT) Given Average Recommendation of “Buy” by Brokerages
Independence Realty Trust Inc (NYSE:IRT) has earned an average rating of “Buy” from the seven ratings firms that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $10.81.
A number of brokerages have weighed in on IRT. Zacks Investment Research cut shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Wednesday, April 19th. ValuEngine cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, July 20th. FBR & Co raised shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $9.75 to $11.50 in a report on Thursday, June 15th. Finally, JMP Securities reissued an “outperform” rating and set a $11.50 target price (up from $10.50) on shares of Independence Realty Trust in a report on Friday, June 30th.
Institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its position in Independence Realty Trust by 26.6% in the second quarter. Russell Investments Group Ltd. now owns 566,511 shares of the real estate investment trust’s stock valued at $5,591,000 after buying an additional 119,188 shares in the last quarter. Forsta AP Fonden purchased a new position in Independence Realty Trust during the second quarter valued at approximately $517,000. Louisiana State Employees Retirement System purchased a new position in Independence Realty Trust during the second quarter valued at approximately $239,000. State of Alaska Department of Revenue purchased a new position in Independence Realty Trust during the second quarter valued at approximately $114,000. Finally, GW&K Investment Management LLC purchased a new position in Independence Realty Trust during the second quarter valued at approximately $136,000.
Shares of Independence Realty Trust (IRT) traded down 1.37% on Tuesday, reaching $10.07. 356,006 shares of the company’s stock traded hands. The stock’s market capitalization is $693.01 million. The company has a 50 day moving average of $9.96 and a 200-day moving average of $9.40. Independence Realty Trust has a 52 week low of $7.74 and a 52 week high of $10.70.
Independence Realty Trust (NYSE:IRT) last issued its earnings results on Tuesday, May 2nd. The real estate investment trust reported $0.18 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.18. The company had revenue of $38.90 million for the quarter, compared to analysts’ expectations of $38.53 million. Independence Realty Trust had a net margin of 10.85% and a return on equity of 3.25%. During the same period in the prior year, the company earned $0.21 earnings per share. Equities research analysts forecast that Independence Realty Trust will post $0.35 earnings per share for the current year.
The company also recently declared a monthly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $0.72 annualized dividend and a dividend yield of 7.15%.
Independence Realty Trust Company Profile
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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