Zacks Investment Research cut shares of Independence Realty Trust (NYSE:IRT) from a hold rating to a strong sell rating in a report released on Thursday morning.

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 a number of other reports. National Securities lifted their price objective on Independence Realty Trust from $9.00 to $11.00 and gave the stock a neutral rating in a research report on Wednesday, November 22nd. B. Riley reiterated a buy rating on shares of Independence Realty Trust in a research report on Wednesday, November 1st. Ladenburg Thalmann Financial Services reiterated a buy rating on shares of Independence Realty Trust in a research report on Wednesday, November 1st. KeyCorp assumed coverage on Independence Realty Trust in a research report on Tuesday, December 5th. They issued a sector weight rating on the stock. Finally, Robert W. Baird reiterated a buy rating and issued a $11.00 price objective on shares of Independence Realty Trust in a research report on Tuesday, October 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $11.33.

Shares of Independence Realty Trust (IRT) opened at $9.51 on Thursday. The firm has a market capitalization of $805.95, a P/E ratio of -36.58 and a beta of 1.06. Independence Realty Trust has a 1 year low of $8.57 and a 1 year high of $10.63. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.40 and a quick ratio of 0.40.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.11. The firm had revenue of $39.86 million for the quarter, compared to analyst estimates of $40.38 million. Independence Realty Trust had a negative return on equity of 3.08% and a negative net margin of 10.91%. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company earned $0.21 EPS. equities research analysts anticipate that Independence Realty Trust will post 0.74 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Loeb Partners Corp bought a new stake in shares of Independence Realty Trust during the third quarter valued at approximately $102,000. Advisor Group Inc. boosted its position in shares of Independence Realty Trust by 76.8% during the second quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock valued at $102,000 after purchasing an additional 4,454 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Independence Realty Trust during the third quarter valued at approximately $105,000. Profund Advisors LLC bought a new stake in shares of Independence Realty Trust during the second quarter valued at approximately $103,000. Finally, Teachers Retirement System of The State of Kentucky bought a new stake in shares of Independence Realty Trust during the second quarter valued at approximately $125,000. Institutional investors own 78.48% of the company’s stock.

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Independence Realty Trust Company Profile

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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Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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