Analysts Set Independence Realty Trust, Inc. (IRT) Target Price at $11.00
Independence Realty Trust, Inc. (NYSE:IRT) has been assigned a consensus rating of “Buy” from the nine research firms that are covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $11.00.
IRT has been the subject of several research analyst reports. FBR & Co upgraded shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $9.75 to $11.50 in a report on Thursday, June 15th. JMP Securities restated an “outperform” rating and issued a $11.50 price objective (up from $10.50) on shares of Independence Realty Trust in a report on Friday, June 30th. Zacks Investment Research lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. ValuEngine lowered shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, July 20th. Finally, Ladenburg Thalmann Financial Services restated a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, August 2nd.
Shares of Independence Realty Trust (IRT) traded up 0.48% during mid-day trading on Friday, reaching $10.53. The company had a trading volume of 183,787 shares. Independence Realty Trust has a 12-month low of $7.74 and a 12-month high of $10.58. The firm has a 50-day moving average of $10.21 and a 200-day moving average of $9.81. The company’s market capitalization is $879.47 million.
Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data 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. Independence Realty Trust had a negative net margin of 10.28% and a negative return on equity of 3.22%. The business had revenue of $39.43 million during the quarter, compared to analyst estimates of $39.43 million. During the same period last year, the business posted $0.22 earnings per share. Independence Realty Trust’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities analysts anticipate that Independence Realty Trust will post $0.46 earnings per share for the current fiscal year.
The firm also recently announced a monthly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were paid a dividend of $0.06 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.87%. The ex-dividend date was Tuesday, August 29th. Independence Realty Trust’s dividend payout ratio is -313.03%.
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In other Independence Realty Trust news, CEO Scott Schaeffer bought 35,000 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was acquired at an average price of $10.12 per share, with a total value of $354,200.00. Following the completion of the purchase, the chief executive officer now owns 155,306 shares of the company’s stock, valued at $1,571,696.72. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 0.58% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Ameriprise Financial Inc. bought a new position in shares of Independence Realty Trust during the first quarter valued at approximately $102,000. Swiss National Bank increased its stake in shares of Independence Realty Trust by 6.0% during the first quarter. Swiss National Bank now owns 113,700 shares of the real estate investment trust’s stock valued at $1,065,000 after purchasing an additional 6,400 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of Independence Realty Trust by 149.6% during the first quarter. Nuveen Asset Management LLC now owns 1,345,558 shares of the real estate investment trust’s stock valued at $12,608,000 after purchasing an additional 806,509 shares in the last quarter. Kissinger Financial Services LLC increased its stake in shares of Independence Realty Trust by 1.0% during the second quarter. Kissinger Financial Services LLC now owns 94,825 shares of the real estate investment trust’s stock valued at $936,000 after purchasing an additional 925 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Independence Realty Trust by 3.3% during the second quarter. Alliancebernstein L.P. now owns 4,208,515 shares of the real estate investment trust’s stock valued at $41,538,000 after purchasing an additional 132,990 shares in the last quarter. 61.94% of the stock is owned by institutional investors and hedge funds.
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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