Independence Realty Trust (NYSE:IRT) was downgraded by investment analysts at TheStreet from a “b-” rating to a “c+” rating in a report released on Monday, April 8th, TheStreetRatingsTable reports.
IRT has been the subject of several other research reports. Zacks Investment Research upgraded shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Friday, January 25th. Boenning Scattergood reissued a “buy” rating on shares of Independence Realty Trust in a research report on Friday, February 22nd. Finally, ValuEngine downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Friday, April 5th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Independence Realty Trust presently has a consensus rating of “Hold” and an average price target of $10.95.
Shares of NYSE IRT traded down $0.07 during trading on Monday, hitting $10.25. 590 shares of the company traded hands, compared to its average volume of 433,629. Independence Realty Trust has a fifty-two week low of $8.75 and a fifty-two week high of $10.94. The firm has a market capitalization of $919.47 million, a P/E ratio of 13.88 and a beta of 0.92. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 1.56.
Independence Realty Trust (NYSE:IRT) last posted its earnings results on Thursday, February 21st. The real estate investment trust reported $0.04 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.15). The business had revenue of $49.72 million during the quarter, compared to analyst estimates of $48.81 million. Independence Realty Trust had a return on equity of 4.16% and a net margin of 13.77%. Equities research analysts forecast that Independence Realty Trust will post 0.76 EPS for the current year.
In related news, Director Richard H. Ross sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $10.33, for a total value of $61,980.00. Following the completion of the transaction, the director now directly owns 27,369 shares of the company’s stock, valued at approximately $282,721.77. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.69% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of IRT. Ruggie Capital Group purchased a new stake in shares of Independence Realty Trust during the 4th quarter valued at $28,000. Oregon Public Employees Retirement Fund purchased a new position in Independence Realty Trust in the 4th quarter worth $34,000. Bronfman E.L. Rothschild L.P. purchased a new position in Independence Realty Trust in the 4th quarter worth $37,000. Bessemer Group Inc. purchased a new position in Independence Realty Trust in the 4th quarter worth $42,000. Finally, Loeb Partners Corp purchased a new position in Independence Realty Trust in the 4th quarter worth $46,000. Institutional investors and hedge funds own 86.33% of the company’s stock.
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.
Receive News & Ratings for Independence Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.