Zacks Investment Research upgraded shares of Independence Realty Trust (NYSE:IRT) from a sell rating to a hold rating in a research report released on Saturday, Zacks.com reports.

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 research firms also recently commented on IRT. Stifel Nicolaus started coverage on Independence Realty Trust in a research report on Monday, April 8th. They issued a hold rating and a $11.00 target price for the company. TheStreet upgraded Independence Realty Trust from a c+ rating to a b- rating in a research report on Thursday, February 21st. ValuEngine upgraded Independence Realty Trust from a hold rating to a buy rating in a research report on Friday, May 10th. B. Riley downgraded Independence Realty Trust from a buy rating to a neutral rating and set a $10.50 target price for the company. in a research report on Wednesday, February 6th. Finally, Boenning Scattergood set a $11.00 target price on Independence Realty Trust and gave the company a buy rating in a research report on Thursday, May 2nd. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has an average rating of Hold and an average price target of $10.95.

Shares of IRT stock opened at $10.93 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 1.61. Independence Realty Trust has a twelve month low of $8.75 and a twelve month high of $11.05. The firm has a market cap of $981.90 million, a P/E ratio of 14.77 and a beta of 0.89.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Wednesday, May 1st. The real estate investment trust reported $0.03 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.15). The firm had revenue of $49.47 million during the quarter, compared to the consensus estimate of $49.80 million. Independence Realty Trust had a net margin of 13.05% and a return on equity of 4.05%. On average, research analysts expect that Independence Realty Trust will post 0.75 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, April 25th. Stockholders of record on Friday, March 29th were paid a $0.18 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.72 annualized dividend and a dividend yield of 6.59%. Independence Realty Trust’s payout ratio is 97.30%.

In other news, Director Richard H. Ross sold 6,000 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $10.33, for a total value of $61,980.00. Following the completion of the sale, the director now owns 27,369 shares of the company’s stock, valued at $282,721.77. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.69% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. grew its stake in Independence Realty Trust by 38.8% during the first quarter. Goldman Sachs Group Inc. now owns 406,439 shares of the real estate investment trust’s stock worth $4,386,000 after purchasing an additional 113,712 shares during the period. Community Capital Management Inc. grew its stake in Independence Realty Trust by 1.0% during the first quarter. Community Capital Management Inc. now owns 293,000 shares of the real estate investment trust’s stock worth $3,161,000 after purchasing an additional 3,000 shares during the period. Hsbc Holdings PLC grew its stake in Independence Realty Trust by 31.6% during the first quarter. Hsbc Holdings PLC now owns 19,972 shares of the real estate investment trust’s stock worth $215,000 after purchasing an additional 4,790 shares during the period. Geode Capital Management LLC grew its stake in Independence Realty Trust by 14.5% during the first quarter. Geode Capital Management LLC now owns 1,328,959 shares of the real estate investment trust’s stock worth $14,339,000 after purchasing an additional 168,049 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Independence Realty Trust by 5.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,203,265 shares of the real estate investment trust’s stock worth $12,984,000 after purchasing an additional 60,449 shares during the period. 84.74% of the stock is owned by institutional investors and hedge funds.

About Independence Realty Trust

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 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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