Investors Real Estate Trust Reit (NYSE:IRET) Coverage Initiated at BMO Capital Markets

Analysts at BMO Capital Markets began coverage on shares of Investors Real Estate Trust Reit (NYSE:IRET) in a research note issued to investors on Friday, The Fly reports. The firm set an “outperform” rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued research reports about the company. ValuEngine cut Investors Real Estate Trust Reit from a “buy” rating to a “hold” rating in a report on Tuesday, April 9th. Zacks Investment Research upgraded Investors Real Estate Trust Reit from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a report on Saturday, March 2nd. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Investors Real Estate Trust Reit has an average rating of “Buy” and an average price target of $68.00.

IRET opened at $60.25 on Friday. Investors Real Estate Trust Reit has a 1 year low of $46.30 and a 1 year high of $62.24. The stock has a market capitalization of $701.14 million, a price-to-earnings ratio of 17.54, a PEG ratio of 2.78 and a beta of 0.93. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.69 and a current ratio of 0.69.

Investors Real Estate Trust Reit (NYSE:IRET) last released its quarterly earnings results on Wednesday, May 8th. The real estate investment trust reported ($0.54) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by ($1.40). Investors Real Estate Trust Reit had a negative net margin of 5.96% and a negative return on equity of 2.23%. The firm had revenue of $45.61 million during the quarter, compared to analyst estimates of $45.08 million. On average, analysts expect that Investors Real Estate Trust Reit will post 3.57 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its holdings in Investors Real Estate Trust Reit by 0.7% during the first quarter. BlackRock Inc. now owns 1,163,928 shares of the real estate investment trust’s stock worth $69,730,000 after purchasing an additional 7,730 shares during the period. Renaissance Technologies LLC grew its holdings in Investors Real Estate Trust Reit by 20.3% during the first quarter. Renaissance Technologies LLC now owns 518,189 shares of the real estate investment trust’s stock worth $31,045,000 after purchasing an additional 87,400 shares during the period. JPMorgan Chase & Co. grew its holdings in Investors Real Estate Trust Reit by 97.8% during the third quarter. JPMorgan Chase & Co. now owns 304,557 shares of the real estate investment trust’s stock worth $1,821,000 after purchasing an additional 150,586 shares during the period. Norges Bank bought a new position in Investors Real Estate Trust Reit during the fourth quarter worth about $8,449,000. Finally, Geode Capital Management LLC grew its holdings in Investors Real Estate Trust Reit by 13.6% during the first quarter. Geode Capital Management LLC now owns 143,354 shares of the real estate investment trust’s stock worth $8,588,000 after purchasing an additional 17,119 shares during the period. Institutional investors own 61.67% of the company’s stock.

Investors Real Estate Trust Reit Company Profile

IRET is a real estate company focused on the ownership, management, acquisition, redevelopment, and development of apartment communities. As of December 31, 2018, IRET owned interests in 87 apartment communities consisting of 13,702 apartment homes. IRET's common shares and Series C preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRET PRC, respectively).

See Also: Initial Public Offering (IPO)

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