Independence Realty Trust, Inc. (NYSE:IRT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

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. “

Several other equities research analysts have also recently commented on the company. FBR & Co restated an “outperform” rating and issued a $10.75 target price on shares of Independence Realty Trust in a research note on Tuesday, July 11th. JMP Securities restated an “outperform” rating and issued a $11.50 target price (up previously from $10.50) on shares of Independence Realty Trust in a research note on Friday, June 30th. ValuEngine cut Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, July 20th. Ladenburg Thalmann Financial Services restated a “buy” rating on shares of Independence Realty Trust in a research note on Wednesday, August 2nd. Finally, BidaskClub cut Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $10.71.

Independence Realty Trust (NYSE:IRT) opened at 10.33 on Tuesday. Independence Realty Trust has a 12 month low of $7.74 and a 12 month high of $10.70. The company’s 50-day moving average is $10.13 and its 200 day moving average is $9.63. The company’s market cap is $711.19 million.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.01. The firm had revenue of $39.43 million for the quarter, compared to analysts’ expectations of $39.43 million. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 EPS. Equities analysts forecast that Independence Realty Trust will post $0.47 earnings per share for the current fiscal year.

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In related news, CEO Scott Schaeffer acquired 35,000 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were bought at an average price of $10.12 per share, for a total transaction of $354,200.00. Following the purchase, the chief executive officer now directly owns 155,306 shares in the company, valued at approximately $1,571,696.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.58% of the company’s stock.

Several institutional investors have recently made changes to their positions in IRT. Oppenheimer Asset Management Inc. raised its stake in shares of Independence Realty Trust by 147.8% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock worth $100,000 after purchasing an additional 6,056 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in shares of Independence Realty Trust during the 1st quarter worth approximately $102,000. Advisor Group Inc. raised its stake in shares of Independence Realty Trust by 76.8% during the 2nd quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock worth $102,000 after purchasing an additional 4,454 shares in the last quarter. UBS Asset Management Americas Inc. bought a new stake in shares of Independence Realty Trust during the 4th quarter worth approximately $103,000. Finally, Profund Advisors LLC bought a new stake in shares of Independence Realty Trust during the 2nd quarter worth approximately $103,000. Institutional investors own 74.82% 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.

Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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