Independence Realty Trust (NYSE:IRT) Downgraded by JMP Securities to “Market Perform”

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JMP Securities cut shares of Independence Realty Trust (NYSE:IRT) from an outperform rating to a market perform rating in a research report sent to investors on Monday morning, BenzingaRatingsTable reports.

IRT has been the topic of several other reports. National Securities started coverage on shares of Independence Realty Trust in a report on Friday, September 27th. They set a buy rating and a $14.00 price objective on the stock. Capital One Financial reissued an equal weight rating on shares of Independence Realty Trust in a report on Monday, September 16th. TheStreet raised shares of Independence Realty Trust from a c rating to a b- rating in a report on Thursday, August 1st. ValuEngine lowered shares of Independence Realty Trust from a buy rating to a hold rating in a report on Wednesday, October 2nd. Finally, Zacks Investment Research lowered shares of Independence Realty Trust from a hold rating to a sell rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. Independence Realty Trust has an average rating of Hold and an average price target of $12.10.

Shares of NYSE:IRT traded down $0.07 during trading on Monday, reaching $15.00. 11,476 shares of the company were exchanged, compared to its average volume of 449,825. The firm has a market capitalization of $1.37 billion, a PE ratio of 20.28 and a beta of 0.76. The business’s fifty day simple moving average is $14.37 and its 200-day simple moving average is $12.37. Independence Realty Trust has a 12-month low of $8.75 and a 12-month high of $15.08. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.60 and a quick ratio of 0.60.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.03). The company had revenue of $50.85 million for the quarter, compared to analysts’ expectations of $50.17 million. Independence Realty Trust had a return on equity of 5.88% and a net margin of 18.42%. On average, sell-side analysts anticipate that Independence Realty Trust will post 0.72 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, September 27th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 4.80%. The ex-dividend date is Thursday, September 26th. Independence Realty Trust’s payout ratio is 97.30%.

In other Independence Realty Trust news, Director Richard H. Ross sold 4,000 shares of the firm’s 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 completion of the sale, the director now directly owns 28,843 shares in the company, valued at $383,035.04. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.69% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Aperio Group LLC boosted its stake in Independence Realty Trust by 20.9% in the second quarter. Aperio Group LLC now owns 43,863 shares of the real estate investment trust’s stock valued at $507,000 after acquiring an additional 7,587 shares in the last quarter. Arizona State Retirement System boosted its stake in Independence Realty Trust by 1.2% in the second quarter. Arizona State Retirement System now owns 139,353 shares of the real estate investment trust’s stock valued at $1,612,000 after acquiring an additional 1,667 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Independence Realty Trust by 1.6% in the second 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 in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Independence Realty Trust in the second quarter valued at approximately $2,545,000. Finally, First Trust Advisors LP lifted its stake in shares of Independence Realty Trust by 1,357.0% during the second quarter. First Trust Advisors LP now owns 238,457 shares of the real estate investment trust’s stock worth $2,759,000 after buying an additional 222,091 shares during the period. Institutional investors own 87.28% of the company’s stock.

About Independence Realty Trust

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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Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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