Independence Realty Trust (NYSE:IRT) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Independence Realty Trust (NYSE:IRT) from a strong sell rating to a hold rating in a research note released on Monday morning,Zacks.com reports.

Several other brokerages have also recently commented on IRT. Wells Fargo & Company cut their price target on shares of Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, March 5th. Colliers Securities cut Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a report on Thursday, December 4th. Barclays lowered their target price on Independence Realty Trust from $21.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Friday, March 6th. BMO Capital Markets upgraded Independence Realty Trust from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $20.00 to $22.00 in a report on Friday, January 9th. Finally, Citigroup reissued an “outperform” rating on shares of Independence Realty Trust in a research report on Friday, January 9th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.61.

Independence Realty Trust Stock Down 0.2%

Shares of IRT opened at $15.10 on Monday. Independence Realty Trust has a twelve month low of $14.90 and a twelve month high of $21.56. The stock has a market capitalization of $3.56 billion, a P/E ratio of 62.91, a P/E/G ratio of 1.68 and a beta of 0.99. The company has a 50 day moving average of $16.45 and a 200-day moving average of $16.65.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, hitting analysts’ consensus estimates of $0.32. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The business had revenue of $167.13 million for the quarter, compared to analyst estimates of $170.26 million. During the same quarter in the previous year, the firm posted $0.32 earnings per share. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, sell-side analysts anticipate that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 17th. Investors of record on Friday, March 27th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 4.5%. The ex-dividend date is Friday, March 27th. Independence Realty Trust’s dividend payout ratio (DPR) is 283.33%.

Hedge Funds Weigh In On Independence Realty Trust

A number of institutional investors have recently bought and sold shares of the business. IFM Investors Pty Ltd lifted its position in shares of Independence Realty Trust by 1.6% in the fourth quarter. IFM Investors Pty Ltd now owns 38,532 shares of the real estate investment trust’s stock valued at $674,000 after buying an additional 607 shares during the last quarter. Perigon Wealth Management LLC raised its stake in Independence Realty Trust by 5.6% in the 3rd quarter. Perigon Wealth Management LLC now owns 12,357 shares of the real estate investment trust’s stock valued at $203,000 after acquiring an additional 658 shares during the period. Global Retirement Partners LLC lifted its holdings in Independence Realty Trust by 15.9% during the 4th quarter. Global Retirement Partners LLC now owns 4,921 shares of the real estate investment trust’s stock valued at $86,000 after purchasing an additional 676 shares during the last quarter. CWM LLC lifted its holdings in Independence Realty Trust by 1.8% during the 4th quarter. CWM LLC now owns 39,365 shares of the real estate investment trust’s stock valued at $688,000 after purchasing an additional 712 shares during the last quarter. Finally, Huntington National Bank boosted its position in Independence Realty Trust by 46.4% during the third quarter. Huntington National Bank now owns 2,289 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 725 shares during the period. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.