Independence Realty Trust (NYSE:IRT) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen downgraded shares of Independence Realty Trust (NYSE:IRT) from a hold rating to a sell rating in a research note released on Sunday.

Several other research firms have also commented on IRT. Colliers Securities lowered shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research report on Thursday, December 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a research report on Monday, December 29th. Deutsche Bank Aktiengesellschaft downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 price objective for the company. in a research report on Tuesday, January 20th. Citigroup reaffirmed an “outperform” rating on shares of Independence Realty Trust in a report on Friday, January 9th. Finally, Zacks Research downgraded Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Eight equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $21.35.

Independence Realty Trust Stock Down 0.3%

IRT stock opened at $16.54 on Friday. The business has a 50 day moving average of $16.96 and a 200 day moving average of $16.86. The firm has a market cap of $3.92 billion, a PE ratio of 68.90, a price-to-earnings-growth ratio of 2.09 and a beta of 1.00. Independence Realty Trust has a twelve month low of $15.06 and a twelve month high of $21.86.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The firm had revenue of $167.13 million for the quarter, compared to the consensus estimate of $170.26 million. During the same quarter in the prior year, the firm posted $0.32 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. On average, research analysts expect that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 23rd. Shareholders of record on Wednesday, December 31st were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Wednesday, December 31st. Independence Realty Trust’s payout ratio is presently 283.33%.

Hedge Funds Weigh In On Independence Realty Trust

A number of large investors have recently made changes to their positions in IRT. Pacer Advisors Inc. acquired a new position in Independence Realty Trust during the third quarter worth $857,000. Nomura Asset Management Co. Ltd. raised its holdings in shares of Independence Realty Trust by 4.7% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 338,253 shares of the real estate investment trust’s stock worth $5,984,000 after acquiring an additional 15,200 shares during the period. Exchange Traded Concepts LLC boosted its position in shares of Independence Realty Trust by 329.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 268,335 shares of the real estate investment trust’s stock valued at $4,398,000 after acquiring an additional 205,869 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Independence Realty Trust by 92.6% in the second quarter. Thrivent Financial for Lutherans now owns 360,215 shares of the real estate investment trust’s stock valued at $6,372,000 after purchasing an additional 173,165 shares during the period. Finally, Neo Ivy Capital Management purchased a new stake in shares of Independence Realty Trust in the second quarter valued at about $581,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

About Independence Realty Trust

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.