Independence Realty Trust (IRT) Downgraded by B. Riley

Independence Realty Trust (NYSE:IRT) was downgraded by B. Riley from a “buy” rating to a “neutral” rating in a research note issued to investors on Wednesday. They currently have a $10.50 price target on the real estate investment trust’s stock. B. Riley’s price objective would suggest a potential downside of 0.57% from the company’s current price.

IRT has been the topic of several other research reports. Zacks Investment Research raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, October 17th. Capital One Financial started coverage on shares of Independence Realty Trust in a research note on Monday, November 19th. They set an “equal weight” rating for the company. Citigroup started coverage on shares of Independence Realty Trust in a research note on Tuesday, October 16th. They set a “neutral” rating and a $10.25 target price for the company. Compass Point lowered shares of Independence Realty Trust from a “buy” rating to a “neutral” rating in a research note on Friday, November 2nd. Finally, ValuEngine lowered shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, January 2nd. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Independence Realty Trust presently has a consensus rating of “Hold” and an average target price of $10.75.

NYSE:IRT opened at $10.56 on Wednesday. The company has a market cap of $934.56 million, a price-to-earnings ratio of 14.47 and a beta of 0.93. Independence Realty Trust has a twelve month low of $8.26 and a twelve month high of $10.59. The company has a current ratio of 0.24, a quick ratio of 0.24 and a debt-to-equity ratio of 1.51.

Several institutional investors and hedge funds have recently modified their holdings of IRT. State of Alaska Department of Revenue lifted its holdings in shares of Independence Realty Trust by 2.8% in the fourth quarter. State of Alaska Department of Revenue now owns 58,192 shares of the real estate investment trust’s stock valued at $532,000 after purchasing an additional 1,580 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Independence Realty Trust by 9.1% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 21,385 shares of the real estate investment trust’s stock worth $196,000 after purchasing an additional 1,775 shares during the period. Eii Capital Management Inc. raised its holdings in shares of Independence Realty Trust by 4.3% in the 4th quarter. Eii Capital Management Inc. now owns 43,472 shares of the real estate investment trust’s stock worth $399,000 after purchasing an additional 1,798 shares during the period. Daiwa Securities Group Inc. raised its holdings in shares of Independence Realty Trust by 14.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 14,064 shares of the real estate investment trust’s stock worth $129,000 after purchasing an additional 1,800 shares during the period. Finally, Ruggie Capital Group bought a new stake in shares of Independence Realty Trust in the 4th quarter worth approximately $28,000. 85.56% of the stock is currently owned by institutional investors and hedge funds.

Independence Realty Trust Company Profile

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 59 multifamily apartment properties, totaling 16,120 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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