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. “
Several other research firms have also weighed in on IRT. ValuEngine raised Independence Realty Trust from a hold rating to a buy rating in a report on Friday. Stifel Nicolaus assumed coverage on Independence Realty Trust in a report on Monday, April 8th. They issued a hold rating and a $11.00 target price on the stock. B. Riley lowered Independence Realty Trust from a buy rating to a neutral rating and set a $10.50 target price on the stock. in a report on Wednesday, February 6th. Boenning Scattergood set a $11.00 target price on Independence Realty Trust and gave the company a buy rating in a report on Thursday, May 2nd. Finally, TheStreet lowered Independence Realty Trust from a b- rating to a c+ rating in a report on Monday, April 8th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $10.95.
Independence Realty Trust (NYSE:IRT) last posted its earnings results on Wednesday, May 1st. The real estate investment trust reported $0.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.15). The firm had revenue of $49.47 million during the quarter, compared to analyst estimates of $49.80 million. Independence Realty Trust had a net margin of 13.05% and a return on equity of 4.05%. Equities analysts predict that Independence Realty Trust will post 0.75 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 25th. Investors of record on Friday, March 29th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.72%. The ex-dividend date was Thursday, March 28th. Independence Realty Trust’s payout ratio is currently 97.30%.
In related news, Director Richard H. Ross sold 6,000 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $10.33, for a total transaction of $61,980.00. Following the sale, the director now owns 27,369 shares of the company’s stock, valued at $282,721.77. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.69% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Ruggie Capital Group acquired a new stake in shares of Independence Realty Trust during the fourth quarter valued at $28,000. Sandy Spring Bank acquired a new stake in shares of Independence Realty Trust during the first quarter valued at $42,000. Bronfman E.L. Rothschild L.P. acquired a new stake in shares of Independence Realty Trust during the fourth quarter valued at $37,000. Bessemer Group Inc. acquired a new stake in shares of Independence Realty Trust during the fourth quarter valued at $42,000. Finally, Loeb Partners Corp acquired a new stake in shares of Independence Realty Trust during the fourth quarter valued at $46,000. 86.35% of the stock is currently owned by institutional investors and hedge funds.
About Independence Realty Trust
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 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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