Independence Realty Trust (NYSE:IRT) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of Independence Realty Trust (NYSE:IRT) from a hold rating to a strong sell rating in a report published on Thursday,Zacks.com reports.

IRT has been the subject of several other research reports. Citigroup reiterated an “outperform” rating on shares of Independence Realty Trust in a research note on Friday, January 9th. Wall Street Zen lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. BMO Capital Markets upgraded Independence Realty Trust from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $20.00 to $22.00 in a research note on Friday, January 9th. Deutsche Bank Aktiengesellschaft lowered Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a report on Tuesday. Finally, Colliers Securities downgraded Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a report on Thursday, December 4th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Independence Realty Trust presently has an average rating of “Moderate Buy” and a consensus target price of $21.35.

Independence Realty Trust Price Performance

Shares of IRT stock opened at $16.84 on Thursday. The firm has a fifty day moving average of $17.07 and a two-hundred day moving average of $16.97. The firm has a market cap of $4.03 billion, a P/E ratio of 168.37, a P/E/G ratio of 2.05 and a beta of 1.00. Independence Realty Trust has a 1-year low of $15.06 and a 1-year high of $21.86.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). The company had revenue of $167.14 million for the quarter, compared to the consensus estimate of $168.31 million. Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.During the same period in the previous year, the business posted $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. On average, sell-side analysts expect that Independence Realty Trust will post 1.19 EPS for the current year.

Independence Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 23rd. Stockholders of record on Wednesday, December 31st were given a dividend of $0.17 per share. The ex-dividend date was Wednesday, December 31st. This represents a $0.68 annualized dividend and a dividend yield of 4.0%. Independence Realty Trust’s payout ratio is currently 680.00%.

Institutional Trading of Independence Realty Trust

Several hedge funds have recently added to or reduced their stakes in the business. Solstein Capital LLC bought a new position in shares of Independence Realty Trust in the third quarter worth $25,000. Danske Bank A S bought a new stake in shares of Independence Realty Trust during the third quarter valued at about $26,000. First Horizon Corp acquired a new stake in Independence Realty Trust in the third quarter worth about $27,000. Farther Finance Advisors LLC grew its position in Independence Realty Trust by 70.3% in the 4th quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 747 shares in the last quarter. Finally, Hantz Financial Services Inc. grew its position in Independence Realty Trust by 551.2% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,869 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 1,582 shares in the last quarter. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Company Profile

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.