Independence Realty Trust, Inc. (IRT) Receives Consensus Rating of “Buy” from Brokerages
Independence Realty Trust, Inc. (NYSE:IRT) has been given an average recommendation of “Buy” by the eight brokerages that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $11.33.
IRT has been the topic of several research reports. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Independence Realty Trust in a report on Wednesday. Robert W. Baird reaffirmed a “buy” rating and issued a $11.00 price target on shares of Independence Realty Trust in a report on Tuesday, October 17th. FBR & Co reaffirmed a “buy” rating and issued a $11.50 price target on shares of Independence Realty Trust in a report on Tuesday, September 12th. Zacks Investment Research cut Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. Finally, ValuEngine raised Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Friday, September 1st.
In other news, CEO Scott Schaeffer bought 35,000 shares of the business’s stock in a transaction on Monday, August 7th. The shares were bought at an average cost of $10.12 per share, with a total value of $354,200.00. Following the purchase, the chief executive officer now directly owns 155,306 shares in the company, valued at $1,571,696.72. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.58% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the company. Oppenheimer Asset Management Inc. grew its holdings in shares of Independence Realty Trust by 147.8% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock valued at $100,000 after acquiring an additional 6,056 shares in the last quarter. Ameriprise Financial Inc. purchased a new position in shares of Independence Realty Trust during the 1st quarter valued at $102,000. Advisor Group Inc. grew its holdings in shares of Independence Realty Trust by 76.8% during the 2nd quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock valued at $102,000 after acquiring an additional 4,454 shares in the last quarter. Loeb Partners Corp purchased a new position in shares of Independence Realty Trust during the 3rd quarter valued at $102,000. Finally, Profund Advisors LLC purchased a new position in shares of Independence Realty Trust during the 2nd quarter valued at $103,000. Institutional investors and hedge funds own 61.86% of the company’s stock.
Independence Realty Trust (NYSE:IRT) last announced its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.11. Independence Realty Trust had a negative return on equity of 3.08% and a negative net margin of 10.91%. The firm had revenue of $39.86 million for the quarter, compared to analysts’ expectations of $40.38 million. During the same quarter in the previous year, the company earned $0.21 earnings per share. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year.
The company also recently announced a monthly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be paid a dividend of $0.06 per share. This represents a $0.72 annualized dividend and a yield of 7.09%. The ex-dividend date is Thursday, December 28th. Independence Realty Trust’s dividend payout ratio (DPR) is currently -276.92%.
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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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