Research analysts at KeyCorp began coverage on shares of Independence Realty Trust (NYSE:IRT) in a research note issued on Tuesday, MarketBeat Ratings reports. The firm set a “sector weight” rating on the real estate investment trust’s stock.

Several other equities research analysts have also issued reports on IRT. BidaskClub raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a research report on Saturday, August 12th. FBR & Co reissued a “buy” rating and issued a $11.50 price objective on shares of Independence Realty Trust in a research report on Tuesday, September 12th. Zacks Investment Research lowered shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. Robert W. Baird reiterated a “buy” rating and set a $11.00 price objective on shares of Independence Realty Trust in a research note on Tuesday, October 17th. Finally, B. Riley reiterated a “buy” rating on shares of Independence Realty Trust in a research note on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $11.33.

Shares of Independence Realty Trust (IRT) traded down $0.04 on Tuesday, hitting $10.16. 579,000 shares of the company traded hands, compared to its average volume of 716,757. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $851.89, a P/E ratio of 13.97 and a beta of 1.06. Independence Realty Trust has a fifty-two week low of $8.33 and a fifty-two week high of $10.63.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.11. The company had revenue of $39.86 million for the quarter, compared to the consensus estimate of $40.38 million. Independence Realty Trust had a negative net margin of 10.91% and a negative return on equity of 3.08%. Independence Realty Trust’s revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.21 earnings per share. equities research analysts expect that Independence Realty Trust will post 0.74 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in IRT. Bard Associates Inc. boosted its holdings in shares of Independence Realty Trust by 0.5% during the second quarter. Bard Associates Inc. now owns 189,725 shares of the real estate investment trust’s stock worth $1,873,000 after purchasing an additional 1,000 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Independence Realty Trust by 10.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 14,400 shares of the real estate investment trust’s stock worth $142,000 after purchasing an additional 1,400 shares during the period. Virtu KCG Holdings LLC boosted its holdings in shares of Independence Realty Trust by 10.2% during the second quarter. Virtu KCG Holdings LLC now owns 20,492 shares of the real estate investment trust’s stock worth $202,000 after purchasing an additional 1,900 shares during the period. Bank of America Corp DE boosted its holdings in shares of Independence Realty Trust by 11.0% during the first quarter. Bank of America Corp DE now owns 44,684 shares of the real estate investment trust’s stock worth $419,000 after purchasing an additional 4,443 shares during the period. Finally, Advisor Group Inc. boosted its holdings in shares of Independence Realty Trust by 76.8% during the second quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock worth $102,000 after purchasing an additional 4,454 shares during the period. 78.66% of the stock is currently owned by institutional investors.

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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.

Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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