Zacks Investment Research upgraded shares of Independence Realty Trust (NYSE:IRT) from a sell rating to a hold rating in a report released 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. “

A number of other equities research analysts have also recently commented on the company. Compass Point reiterated a buy rating on shares of Independence Realty Trust in a research note on Friday, August 3rd. ValuEngine cut Independence Realty Trust from a buy rating to a hold rating in a research note on Wednesday, May 2nd. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $11.08.

Shares of IRT stock opened at $10.27 on Tuesday. Independence Realty Trust has a 1-year low of $8.26 and a 1-year high of $10.63. The stock has a market cap of $906.37 million, a P/E ratio of 14.07 and a beta of 0.84. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.27 and a current ratio of 0.27.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Thursday, August 2nd. The real estate investment trust reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). Independence Realty Trust had a net margin of 8.19% and a return on equity of 2.24%. The company had revenue of $46.73 million for the quarter, compared to the consensus estimate of $47.47 million. equities analysts anticipate that Independence Realty Trust will post 0.75 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the business. WINTON GROUP Ltd purchased a new stake in Independence Realty Trust in the first quarter valued at about $631,000. Legal & General Group Plc raised its stake in shares of Independence Realty Trust by 5.0% in the first quarter. Legal & General Group Plc now owns 158,297 shares of the real estate investment trust’s stock worth $1,451,000 after purchasing an additional 7,484 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Independence Realty Trust by 29.8% in the first quarter. Thrivent Financial for Lutherans now owns 84,902 shares of the real estate investment trust’s stock worth $779,000 after purchasing an additional 19,513 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Independence Realty Trust by 16.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 90,603 shares of the real estate investment trust’s stock worth $934,000 after purchasing an additional 12,859 shares during the last quarter. Finally, Swiss National Bank raised its stake in shares of Independence Realty Trust by 5.9% in the first quarter. Swiss National Bank now owns 142,600 shares of the real estate investment trust’s stock worth $1,309,000 after purchasing an additional 7,900 shares during the last quarter. Institutional investors own 83.88% of the company’s stock.

Independence Realty Trust Company Profile

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 58 multifamily apartment properties, totaling 15,860 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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