Independence Realty Trust, Inc. (IRT) Given “Buy” Rating at Ladenburg Thalmann Financial Services
Independence Realty Trust, Inc. (NYSE:IRT)‘s stock had its “buy” rating restated by equities research analysts at Ladenburg Thalmann Financial Services in a research note issued on Friday. They currently have a $11.00 target price on the real estate investment trust’s stock. Ladenburg Thalmann Financial Services’ price target suggests a potential upside of 7.95% from the company’s previous close.
A number of other research analysts also recently weighed in on IRT. BidaskClub upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Saturday, August 12th. Zacks Investment Research downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. ValuEngine upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Friday, September 1st. JMP Securities reiterated an “outperform” rating and issued a $11.50 target price (up previously from $10.50) on shares of Independence Realty Trust in a report on Friday, June 30th. Finally, FBR & Co upgraded shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $9.75 to $11.50 in a report on Thursday, June 15th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $10.71.
Shares of Independence Realty Trust (NYSE IRT) traded up 2.00% during mid-day trading on Friday, reaching $10.19. The company had a trading volume of 1,907,766 shares. The stock’s market capitalization is $701.55 million. The company’s 50-day moving average is $10.13 and its 200 day moving average is $9.62. 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 released its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $39.43 million for the quarter, compared to the consensus estimate of $39.43 million. Independence Realty Trust had a negative net margin of 10.28% and a negative return on equity of 3.22%. Independence Realty Trust’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 EPS. Analysts anticipate that Independence Realty Trust will post $0.47 EPS for the current fiscal year.
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In other news, CEO Scott Schaeffer bought 35,000 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were purchased at an average price of $10.12 per share, for a total transaction of $354,200.00. Following the acquisition, the chief executive officer now directly owns 155,306 shares of the company’s stock, valued at approximately $1,571,696.72. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.58% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in IRT. Oppenheimer Asset Management Inc. raised its holdings in Independence Realty Trust by 147.8% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock worth $100,000 after acquiring an additional 6,056 shares during the period. Ameriprise Financial Inc. bought a new position in Independence Realty Trust in the 1st quarter worth $102,000. Advisor Group Inc. raised its holdings in Independence Realty Trust by 76.8% in the 2nd quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock worth $102,000 after acquiring an additional 4,454 shares during the period. UBS Asset Management Americas Inc. bought a new position in Independence Realty Trust in the 4th quarter worth $103,000. Finally, Profund Advisors LLC bought a new position in Independence Realty Trust in the 2nd quarter worth $103,000. Hedge funds and other institutional investors own 74.82% of the company’s stock.
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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