Independence Realty Trust, Inc. (IRT) Stock Rating Lowered by BidaskClub
Independence Realty Trust, Inc. (NYSE:IRT) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Thursday.
Several other research firms also recently commented on IRT. Ladenburg Thalmann Financial Services restated a “buy” rating on shares of Independence Realty Trust in a research report on Wednesday, August 2nd. Zacks Investment Research upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Friday, May 5th. FBR & Co reiterated an “outperform” rating and issued a $10.75 price objective on shares of Independence Realty Trust in a research report on Tuesday, July 11th. JMP Securities reiterated an “outperform” rating and issued a $11.50 price objective (up previously from $10.50) on shares of Independence Realty Trust in a research report on Friday, June 30th. Finally, ValuEngine downgraded Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $10.45.
Independence Realty Trust (NYSE:IRT) traded up 0.10% during trading on Thursday, reaching $10.26. 309,304 shares of the company were exchanged. Independence Realty Trust has a 52-week low of $7.74 and a 52-week high of $10.70. The firm’s 50 day moving average is $10.09 and its 200 day moving average is $9.57.
Independence Realty Trust (NYSE:IRT) last posted its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.01. The business had revenue of $39.43 million during the quarter, compared to the consensus estimate of $39.43 million. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. Independence Realty Trust’s revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company earned $0.22 EPS. Equities analysts forecast that Independence Realty Trust will post $0.49 EPS for the current year.
In other Independence Realty Trust news, CEO Scott Schaeffer acquired 35,000 shares of the business’s stock in a transaction on Monday, August 7th. The stock was purchased at an average price of $10.12 per share, for a total transaction of $354,200.00. Following the transaction, the chief executive officer now owns 155,306 shares in the company, valued at approximately $1,571,696.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.58% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Ameriprise Financial Inc. acquired a new position in shares of Independence Realty Trust during the first quarter valued at about $102,000. Sheaff Brock Investment Advisors LLC purchased a new stake in Independence Realty Trust during the first quarter worth $164,000. Swiss National Bank increased its stake in Independence Realty Trust by 6.0% in the first quarter. Swiss National Bank now owns 113,700 shares of the real estate investment trust’s stock worth $1,065,000 after buying an additional 6,400 shares during the last quarter. LSV Asset Management increased its stake in Independence Realty Trust by 16.6% in the first quarter. LSV Asset Management now owns 1,662,597 shares of the real estate investment trust’s stock worth $15,578,000 after buying an additional 236,300 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its stake in Independence Realty Trust by 149.6% in the first quarter. Nuveen Asset Management LLC now owns 1,345,558 shares of the real estate investment trust’s stock worth $12,608,000 after buying an additional 806,509 shares during the last quarter. Hedge funds and other institutional investors own 71.83% of the company’s stock.
About Independence Realty Trust
Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.
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