Independence Realty Trust, Inc. (NYSE:IRT) Receives an Average “Moderate Buy” Recommendation from Brokerages
Independence Realty Trust, Inc. (NYSE: IRT – Get a rating) earned an average rating of “moderate buy” from the thirteen research companies that currently cover the business, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned the company a buy rating. The average 1-year target price among brokerages that have covered the stock over the past year is $26.72.
A number of equity analysts have weighed in on IRT shares. Jefferies Financial Group lowered its price target on Independence Realty Trust shares from $27.00 to $24.00 and set a “buy” rating for the company in a Thursday, June 30 research report. Compass Point set a price target of $24.50 on shares of Independence Realty Trust in a Monday, June 20 research report. Barclays lowered its price target on Independence Realty Trust shares from $30.00 to $28.00 in a Tuesday May 10 research report. KeyCorp lowered its price target on Independence Realty Trust shares from $29.00 to $25.00 and set an “overweight” rating for the company in a Tuesday, June 28 research report. Finally, TheStreet downgraded shares of Independence Realty Trust from a “b-” rating to a “c+” rating in a Tuesday, May 31 research report.
Independence Realty Trust trades up 0.6%
NYSE IRT shares opened at $21.51 on Friday. The company has a 50-day moving average of $21.74 and a 200-day moving average of $23.90. The company has a market capitalization of $4.76 billion, a price-to-earnings ratio of 30.30, a growth price-to-earnings ratio of 10.05 and a beta of 0.91. Independence Realty Trust has a 12 month minimum of $16.50 and a 12 month maximum of $28.42.
Independence Realty Trust (NYSE: IRT – Get a rating) last announced its results on Tuesday, May 3. The real estate investment trust reported earnings per share (EPS) of $0.34 for the quarter, beating the consensus estimate of $0.25 by $0.09. Independence Realty Trust had a net margin of 34.18% and a return on equity of 5.34%. In the same quarter last year, the company earned $0.18 per share. Sell-side analysts expect Independence Realty Trust to post EPS of 1.06 for the current year.
Independence Realty Trust increases its dividend
The company also recently announced a quarterly dividend, which was paid on Friday, July 22. Shareholders of record on Friday, July 1 received a dividend of $0.14. This represents an annualized dividend of $0.56 and a dividend yield of 2.60%. The ex-dividend date was Thursday, June 30. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.12. Independence Realty Trust’s payout ratio is 78.87%.
Hedge funds weigh on Independence Realty Trust
Hedge funds have recently changed their stock holdings. Capital Asset Advisory Services LLC increased its stake in Independence Realty Trust by 2.6% during the first quarter. Capital Asset Advisory Services LLC now owns 14,023 shares of the real estate investment trust worth $372,000 after buying 360 additional shares in the last quarter. Arizona State Retirement System increased its stake in Independence Realty Trust by 1.7% during the fourth quarter. Arizona State Retirement System now owns 28,290 shares of the real estate investment trust worth $731,000 after buying 466 additional shares in the last quarter. Commonwealth Equity Services LLC increased its stake in Independence Realty Trust by 0.3% during the second quarter. Commonwealth Equity Services LLC now owns 152,847 shares of the real estate investment trust worth $3,168,000 after buying 481 additional shares last quarter. Koshinski Asset Management Inc. increased its stake in Independence Realty Trust by 2.0% during the second quarter. Koshinski Asset Management Inc. now owns 25,882 shares of the real estate investment trust worth $537,000 after buying an additional 504 shares last quarter. Finally, Fieldpoint Private Securities LLC increased its stake in Independence Realty Trust by 85.3% during the first quarter. Fieldpoint Private Securities LLC now owns 1,195 shares of the real estate investment trust worth $32,000 after buying an additional 550 shares in the last quarter. Hedge funds and other institutional investors hold 82.42% of the company’s shares.
About Independence Realty Trust
Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment buildings in non-gateway U.S. markets, including Atlanta, Louisville, Memphis and Raleigh. IRT’s investment strategy is focused on growth in key amenity-rich submarkets that offer good school districts, high-quality retail and large employment centers.
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