Independence Realty Trust Inc. (IRT) Lowered to Hold at Zacks Investment Research
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 several other reports. TheStreet upgraded shares of Independence Realty Trust from a hold rating to a buy rating in a research report on Monday, September 26th. FBR & Co lifted their price objective on shares of 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. The stock currently has a consensus rating of Buy and an average target price of $10.00.
Independence Realty Trust (NYSEMKT:IRT) opened at 8.54 on Wednesday. The firm’s 50-day moving average is $9.63 and its 200 day moving average is $8.31. Independence Realty Trust has a 12 month low of $5.97 and a 12 month high of $10.70.
Independence Realty Trust (NYSEMKT:IRT) last posted its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.01. The business earned $38.27 million during the quarter, compared to the consensus estimate of $38.13 million. During the same quarter in the previous year, the business posted $0.19 earnings per share. The company’s quarterly revenue was up 68.5% compared to the same quarter last year. Equities research analysts forecast that Independence Realty Trust will post $0.86 EPS for the current fiscal year.
The firm also recently disclosed a monthly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.72 annualized dividend and a dividend yield of 8.43%. Independence Realty Trust’s dividend payout ratio is currently 53.73%.
Institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. increased its position 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 valued at $882,000 after buying an additional 480 shares during the period. Foundry Partners LLC increased its position in 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 valued at $3,383,000 after buying an additional 1,200 shares during the period. Geode Capital Management LLC increased its position in 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 valued at $1,533,000 after buying an additional 2,174 shares during the period. Strs Ohio increased its position in 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 valued at $511,000 after buying an additional 2,414 shares during the period. Finally, American International Group Inc. increased its position in 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 valued at $190,000 after buying an additional 4,354 shares during the period.
Independence Realty Trust Company Profile
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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