Zacks Research Downgrades Independence Realty Trust (NYSE:IRT) to Strong Sell

Independence Realty Trust (NYSE:IRT) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

A number of other analysts have also weighed in on the company. UBS Group upped their price objective on Independence Realty Trust from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th. Citigroup reaffirmed an “outperform” rating on shares of Independence Realty Trust in a research report on Friday, January 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a research note on Monday, December 29th. Colliers Securities lowered shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research note on Thursday, December 4th. Finally, Wall Street Zen downgraded shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Eight research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.35.

Independence Realty Trust Price Performance

Shares of NYSE:IRT opened at $16.84 on Thursday. The firm’s 50-day moving average is $17.07 and its two-hundred day moving average is $16.97. Independence Realty Trust has a 1 year low of $15.06 and a 1 year high of $21.86. The firm has a market capitalization of $4.03 billion, a PE ratio of 168.37, a price-to-earnings-growth ratio of 2.05 and a beta of 1.00.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Independence Realty Trust had a net margin of 3.42% and a return on equity of 0.62%. The business had revenue of $167.14 million during the quarter, compared to analyst estimates of $168.31 million. During the same quarter last year, the firm posted $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. Analysts expect that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Independence Realty Trust

Several large investors have recently bought and sold shares of IRT. IFM Investors Pty Ltd increased its position in shares of Independence Realty Trust by 1.7% during the third quarter. IFM Investors Pty Ltd now owns 37,925 shares of the real estate investment trust’s stock worth $627,000 after purchasing an additional 628 shares in the last quarter. Perigon Wealth Management LLC increased its position in Independence Realty Trust by 5.6% during the third quarter. Perigon Wealth Management LLC now owns 12,357 shares of the real estate investment trust’s stock worth $203,000 after buying an additional 658 shares during the period. Huntington National Bank lifted its stake in Independence Realty Trust by 46.4% in the third quarter. Huntington National Bank now owns 2,289 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 725 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Independence Realty Trust by 70.3% in the fourth quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 747 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its holdings in shares of Independence Realty Trust by 1.0% in the second quarter. Ameritas Investment Partners Inc. now owns 73,270 shares of the real estate investment trust’s stock valued at $1,296,000 after acquiring an additional 759 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.