Investors Real Estate Trust Reit (NYSE:IRET) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Investors Real Estate Trust Reit (NYSE:IRET) from a hold rating to a sell rating in a report published on Wednesday morning, Zacks.com reports.

According to Zacks, “Investors Real Estate Trust is a real estate investment trust operating in the Midwest. “

Several other brokerages also recently issued reports on IRET. ValuEngine upgraded Zumiez from a sell rating to a hold rating in a report on Saturday, June 22nd. BMO Capital Markets reiterated a hold rating and issued a $9.50 price target on shares of Vicon Industries in a report on Friday, June 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $64.13.

Shares of IRET opened at $60.31 on Wednesday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.50. The stock has a market cap of $708.88 million, a price-to-earnings ratio of 17.74, a P/E/G ratio of 2.81 and a beta of 0.89. The business has a fifty day moving average price of $59.56. Investors Real Estate Trust Reit has a twelve month low of $46.30 and a twelve month high of $62.24.

Investors Real Estate Trust Reit (NYSE:IRET) last issued its earnings results on Wednesday, May 8th. The real estate investment trust reported ($0.54) earnings per share for the quarter, missing the consensus estimate of $0.86 by ($1.40). The firm had revenue of $45.61 million during the quarter, compared to analysts’ expectations of $45.08 million. Investors Real Estate Trust Reit had a negative return on equity of 2.23% and a negative net margin of 5.96%. On average, equities research analysts forecast that Investors Real Estate Trust Reit will post 3.57 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 17th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.80 annualized dividend and a yield of 4.64%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Investors Real Estate Trust Reit in the 4th quarter valued at $8,449,000. Kennedy Capital Management Inc. increased its holdings in Investors Real Estate Trust Reit by 13.6% in the 1st quarter. Kennedy Capital Management Inc. now owns 141,542 shares of the real estate investment trust’s stock valued at $8,480,000 after purchasing an additional 16,944 shares in the last quarter. Boston Partners increased its holdings in Investors Real Estate Trust Reit by 24.8% in the 1st quarter. Boston Partners now owns 97,078 shares of the real estate investment trust’s stock valued at $5,816,000 after purchasing an additional 19,265 shares in the last quarter. Martingale Asset Management L P grew its stake in shares of Investors Real Estate Trust Reit by 466.8% during the first quarter. Martingale Asset Management L P now owns 67,088 shares of the real estate investment trust’s stock valued at $4,020,000 after acquiring an additional 55,252 shares in the last quarter. Finally, Virginia Retirement Systems ET AL grew its stake in shares of Investors Real Estate Trust Reit by 127.2% during the first quarter. Virginia Retirement Systems ET AL now owns 21,610 shares of the real estate investment trust’s stock valued at $1,295,000 after acquiring an additional 12,100 shares in the last quarter. Hedge funds and other institutional investors own 61.57% of the company’s stock.

About Investors Real Estate Trust Reit

IRET is a real estate company focused on the ownership, management, acquisition, redevelopment, and development of apartment communities. As of December 31, 2018, IRET owned interests in 87 apartment communities consisting of 13,702 apartment homes. IRET's common shares and Series C preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRET PRC, respectively).

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