Independence Realty Trust (NYSE:IRT) Upgraded at Zacks Research

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

A number of other equities analysts also recently commented on the stock. BMO Capital Markets upgraded shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $20.00 to $22.00 in a report on Friday, January 9th. KeyCorp lowered their price target on shares of Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, December 4th. Wells Fargo & Company cut their price objective on shares of Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, March 5th. Colliers Securities lowered shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research note on Thursday, December 4th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a research report on Tuesday, January 20th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.61.

Independence Realty Trust Trading Down 0.6%

Shares of NYSE IRT opened at $15.01 on Monday. Independence Realty Trust has a 12-month low of $14.90 and a 12-month high of $21.56. The stock’s fifty day simple moving average is $16.41 and its two-hundred day simple moving average is $16.64. The stock has a market capitalization of $3.54 billion, a PE ratio of 62.52, a price-to-earnings-growth ratio of 1.68 and a beta of 0.99.

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

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 17th. Shareholders of record on Friday, March 27th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Friday, March 27th. Independence Realty Trust’s dividend payout ratio (DPR) is currently 283.33%.

Hedge Funds Weigh In On Independence Realty Trust

Hedge funds have recently modified their holdings of the stock. Solstein Capital LLC acquired a new stake in Independence Realty Trust in the 3rd quarter worth approximately $25,000. Danske Bank A S purchased a new stake in Independence Realty Trust during the 3rd quarter worth approximately $26,000. First Horizon Corp acquired a new position in Independence Realty Trust during the 3rd quarter valued at approximately $27,000. SHP Wealth Management acquired a new position in Independence Realty Trust during the 4th quarter valued at approximately $30,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of Independence Realty Trust by 70.3% in the fourth quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 747 shares during the last quarter. Institutional investors and hedge funds 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.