Robert W. Baird Reiterates “Buy” Rating for Independence Realty Trust, Inc. (IRT)
Independence Realty Trust, Inc. (NYSE:IRT)‘s stock had its “buy” rating reissued by research analysts at Robert W. Baird in a research note issued to investors on Tuesday. They currently have a $11.00 price target on the real estate investment trust’s stock. Robert W. Baird’s price objective suggests a potential upside of 6.08% from the company’s current price.
Several other equities research analysts also recently issued reports on the company. FBR & Co restated a “buy” rating and set a $11.50 target price on shares of Independence Realty Trust in a research report on Tuesday, September 12th. Zacks Investment Research cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating and issued a $11.00 price target on shares of Independence Realty Trust in a report on Friday, September 8th. ValuEngine raised Independence Realty Trust from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, BidaskClub cut Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $11.00.
Independence Realty Trust (NYSE IRT) remained flat at $10.37 during mid-day trading on Tuesday. 499,416 shares of the company traded hands. Independence Realty Trust has a 12-month low of $7.74 and a 12-month high of $10.58. The stock has a 50-day moving average price of $10.24 and a 200-day moving average price of $9.84.
Independence Realty Trust (NYSE:IRT) last announced its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. The firm had revenue of $39.43 million for the quarter, compared to the consensus estimate of $39.43 million. During the same quarter in the previous year, the business earned $0.22 EPS. The company’s revenue was up 2.9% compared to the same quarter last year. Equities research analysts predict that Independence Realty Trust will post $0.46 earnings per share for the current year.
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In related news, CEO Scott Schaeffer bought 35,000 shares of the business’s stock in a transaction on Monday, August 7th. The stock was acquired at an average price of $10.12 per share, with a total value of $354,200.00. Following the transaction, the chief executive officer now owns 155,306 shares in the company, valued at approximately $1,571,696.72. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.58% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Phocas Financial Corp. purchased a new position in shares of Independence Realty Trust during the 2nd quarter valued at $10,757,000. WFG Advisors LP bought a new stake in Independence Realty Trust in the 2nd quarter valued at $171,000. Koch Industries Inc. bought a new stake in Independence Realty Trust in the 2nd quarter valued at $112,000. Piedmont Investment Advisors LLC bought a new stake in Independence Realty Trust in the 2nd quarter valued at $127,000. Finally, California State Teachers Retirement System increased its holdings in Independence Realty Trust by 6.5% in the 2nd quarter. California State Teachers Retirement System now owns 123,005 shares of the real estate investment trust’s stock valued at $1,214,000 after acquiring an additional 7,500 shares during the last quarter. Institutional investors and hedge funds own 61.94% 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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