Independence Realty Trust Inc. (NYSEMKT:IRT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Independence Realty Trust, Inc. is a real estate investment trust. It is focused on acquiring and owning well-located garden-style and mid-rise apartment properties. The Company owns apartment properties primarily in Arizona, Colorado, Georgia, Indiana, Texas and Virginia. Independence Realty Trust, Inc. is based in United States. “
IRT has been the topic of a number of other reports. TheStreet raised Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Monday, September 26th. FBR & Co increased their price target on Independence Realty Trust from $8.00 to $9.50 and gave the company a “mkt perform” rating in a research report on Thursday, August 4th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $10.00.
Independence Realty Trust (NYSEMKT:IRT) opened at 8.60 on Wednesday. The company has a 50-day moving average of $9.61 and a 200-day moving average of $8.31. Independence Realty Trust has a 52 week low of $5.97 and a 52 week high of $10.70.
Independence Realty Trust (NYSEMKT:IRT) last issued its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. The business had revenue of $38.27 million for the quarter, compared to analyst estimates of $38.13 million. Independence Realty Trust’s revenue for the quarter was up 68.5% on a year-over-year basis. During the same period last year, the business posted $0.19 earnings per share. Equities analysts expect that Independence Realty Trust will post $0.85 earnings per share for the current fiscal year.
The firm also recently disclosed a monthly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.72 dividend on an annualized basis and a yield of 8.37%. Independence Realty Trust’s payout ratio is presently 53.73%.
In other Independence Realty Trust news, major shareholder Rait Financial Trust sold 7,269,719 shares of the firm’s stock in a transaction dated Wednesday, October 5th. The stock was sold at an average price of $8.55, for a total transaction of $62,156,097.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Several large investors have recently bought and sold shares of IRT. Victory Capital Management Inc. increased its stake in Independence Realty Trust by 0.4% in the second quarter. Victory Capital Management Inc. now owns 107,880 shares of the real estate investment trust’s stock worth $882,000 after buying an additional 480 shares during the period. Foundry Partners LLC increased its position in shares of Independence Realty Trust by 0.3% in the second quarter. Foundry Partners LLC now owns 413,525 shares of the real estate investment trust’s stock worth $3,383,000 after buying an additional 1,200 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Independence Realty Trust by 1.0% in the first quarter. Geode Capital Management LLC now owns 215,320 shares of the real estate investment trust’s stock worth $1,533,000 after buying an additional 2,174 shares during the last quarter. Strs Ohio increased its position in shares of Independence Realty Trust by 4.0% in the second quarter. Strs Ohio now owns 62,508 shares of the real estate investment trust’s stock worth $511,000 after buying an additional 2,414 shares during the last quarter. Finally, American International Group Inc. increased its position in shares of Independence Realty Trust by 23.1% in the second quarter. American International Group Inc. now owns 23,227 shares of the real estate investment trust’s stock worth $190,000 after buying an additional 4,354 shares during the last quarter.
About Independence Realty Trust
Independence Realty Trust, Inc is an externally managed and advised apartment real estate investment trust (REIT). The Company’s business consists of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. It owns and operates a portfolio of garden style and mid-rise apartment communities in the Southeastern United States.
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