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

Zacks Investment Research cut shares of Independence Realty Trust (NYSE:IRT) from a hold rating to a sell rating in a research note published on Tuesday, August 7th.

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. “

A number of other research analysts have also commented on the company. Compass Point reiterated a buy rating on shares of Independence Realty Trust in a research report on Friday, August 3rd. ValuEngine lowered Independence Realty Trust from a buy rating to a hold rating in a research report on Wednesday, May 2nd. Finally, B. Riley decreased their price objective on Independence Realty Trust from $11.50 to $11.00 and set a buy rating on the stock in a research report on Thursday, April 26th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $11.08.

IRT traded up $0.06 during mid-day trading on Tuesday, reaching $10.33. The stock had a trading volume of 544,700 shares, compared to its average volume of 589,495. The firm has a market capitalization of $906.37 million, a price-to-earnings ratio of 14.10 and a beta of 0.84. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.27 and a current ratio of 0.27. Independence Realty Trust has a 52 week low of $8.26 and a 52 week high of $10.63.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Thursday, August 2nd. The real estate investment trust reported $0.04 EPS for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.01). The firm had revenue of $46.73 million during the quarter, compared to the consensus estimate of $47.47 million. Independence Realty Trust had a net margin of 8.19% and a return on equity of 2.24%. research analysts forecast that Independence Realty Trust will post 0.75 EPS for the current year.

Several large investors have recently bought and sold shares of IRT. Aperio Group LLC bought a new position in shares of Independence Realty Trust in the 1st quarter worth $104,000. Oppenheimer & Co. Inc. bought a new position in shares of Independence Realty Trust in the 1st quarter worth $111,000. Cubist Systematic Strategies LLC bought a new position in shares of Independence Realty Trust in the 2nd quarter worth $118,000. Tower Research Capital LLC TRC bought a new position in shares of Independence Realty Trust in the 2nd quarter worth $123,000. Finally, Royal Bank of Canada boosted its position in shares of Independence Realty Trust by 70.9% in the 1st quarter. Royal Bank of Canada now owns 14,522 shares of the real estate investment trust’s stock worth $133,000 after purchasing an additional 6,027 shares during the last quarter. Institutional investors and hedge funds own 83.88% of the company’s stock.

About Independence Realty Trust

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 58 multifamily apartment properties, totaling 15,860 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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