Independence Realty Trust (NYSE:IRT) Reaches New 1-Year High at $14.14

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Independence Realty Trust Inc (NYSE:IRT)’s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $14.14 and last traded at $14.04, with a volume of 1902 shares changing hands. The stock had previously closed at $14.00.

IRT has been the subject of several recent research reports. TheStreet upgraded shares of Independence Realty Trust from a “c” rating to a “b-” rating in a report on Thursday, August 1st. Zacks Investment Research upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a report on Wednesday, August 7th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $11.35.

The business’s 50-day moving average price is $13.30 and its 200-day moving average price is $11.58. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.63. The stock has a market cap of $1.24 billion, a PE ratio of 19.05 and a beta of 0.77.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.03). Independence Realty Trust had a return on equity of 5.88% and a net margin of 18.42%. The firm had revenue of $50.85 million during the quarter, compared to analysts’ expectations of $50.17 million. As a group, analysts predict that Independence Realty Trust Inc will post 0.76 earnings per share for the current year.

In other news, Director Richard H. Ross sold 4,000 shares of Independence Realty Trust stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $13.28, for a total value of $53,120.00. Following the transaction, the director now owns 28,843 shares of the company’s stock, valued at approximately $383,035.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.69% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of IRT. Vanguard Group Inc. grew its position in Independence Realty Trust by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 10,158,984 shares of the real estate investment trust’s stock worth $117,540,000 after purchasing an additional 120,199 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Independence Realty Trust by 12.5% in the 2nd quarter. Renaissance Technologies LLC now owns 4,792,513 shares of the real estate investment trust’s stock valued at $55,449,000 after acquiring an additional 534,219 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Independence Realty Trust by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 2,321,609 shares of the real estate investment trust’s stock valued at $25,050,000 after acquiring an additional 56,546 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Independence Realty Trust by 3.3% in the 2nd quarter. Northern Trust Corp now owns 1,823,762 shares of the real estate investment trust’s stock valued at $21,101,000 after acquiring an additional 58,688 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Independence Realty Trust by 1.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,518,612 shares of the real estate investment trust’s stock valued at $17,571,000 after acquiring an additional 24,379 shares during the last quarter. 87.20% of the stock is currently owned by hedge funds and other institutional investors.

About Independence Realty Trust (NYSE:IRT)

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 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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