StockNews.com Upgrades Independence Realty Trust (NYSE:IRT) to “Sell”

Independence Realty Trust (NYSE:IRTGet Rating) was upgraded by stock analysts at StockNews.com to a “sell” rating in a research note issued on Thursday.

Other research analysts have also recently issued research reports about the stock. KeyCorp reduced their price target on shares of Independence Realty Trust from $29.00 to $25.00 and set an “overweight” rating for the company in a report on Tuesday, June 28th. Jefferies Financial Group reduced their price target on shares of Independence Realty Trust from $27.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, June 30th. BTIG Research assumed coverage on shares of Independence Realty Trust in a report on Monday, May 9th. They set a “buy” rating and a $27.00 target price for the company. Barclays reduced their target price on shares of Independence Realty Trust from $30.00 to $28.00 in a report on Tuesday, May 10th. Finally, Compass Point set a $24.50 price target on shares of Independence Realty Trust in a research note on Monday, June 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $26.72.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT opened at $22.20 on Thursday. Independence Realty Trust has a 52 week low of $18.99 and a 52 week high of $28.42. The company has a market capitalization of $4.91 billion, a PE ratio of 31.27, a PEG ratio of 10.02 and a beta of 0.91. The company has a 50 day moving average price of $21.66 and a two-hundred day moving average price of $23.82.

Independence Realty Trust (NYSE:IRTGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.09. Independence Realty Trust had a net margin of 34.18% and a return on equity of 5.34%. During the same period in the previous year, the firm earned $0.18 earnings per share. On average, sell-side analysts forecast that Independence Realty Trust will post 1.06 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Investment Research & Advisory Group Inc. bought a new position in Independence Realty Trust during the 1st quarter worth approximately $26,000. Focused Wealth Management Inc bought a new position in Independence Realty Trust during the 1st quarter worth approximately $27,000. Resources Management Corp CT ADV bought a new position in Independence Realty Trust during the 4th quarter worth approximately $27,000. Center for Financial Planning Inc. bought a new position in Independence Realty Trust during the 4th quarter worth approximately $29,000. Finally, Fieldpoint Private Securities LLC raised its holdings in Independence Realty Trust by 85.3% during the 1st quarter. Fieldpoint Private Securities LLC now owns 1,195 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 550 shares during the last quarter. Institutional investors own 82.42% of the company’s stock.

Independence Realty Trust Company Profile

(Get Rating)

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties 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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