Independence Realty Trust (NYSE:IRT) Research Coverage Started at BTIG Research


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BTIG Research started coverage on shares of Independence Realty Trust (NYSE:IRT) in a report published on Monday, The Fly reports. The brokerage issued a buy rating and a $15.00 target price on the real estate investment trust’s stock.

Several other brokerages also recently issued reports on IRT. Deutsche Bank Aktiengesellschaft raised shares of Independence Realty Trust from a hold rating to a buy rating and set a $15.00 price objective for the company in a research note on Tuesday, December 15th. Zacks Investment Research downgraded shares of Independence Realty Trust from a buy rating to a hold rating in a research note on Tuesday, November 10th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised their target price on shares of Independence Realty Trust from $12.25 to $13.25 in a research report on Tuesday, December 15th. Finally, Smith Barney Citigroup raised their target price on shares of Independence Realty Trust from $12.25 to $13.25 in a research report on Tuesday, December 15th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Independence Realty Trust presently has a consensus rating of Buy and an average price target of $13.38.

Shares of NYSE IRT opened at $13.27 on Monday. The company has a market cap of $1.26 billion, a P/E ratio of 47.39 and a beta of 0.96. Independence Realty Trust has a 1 year low of $6.86 and a 1 year high of $16.85. The firm has a 50-day simple moving average of $13.28 and a two-hundred day simple moving average of $12.17.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, October 28th. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.18). Independence Realty Trust had a return on equity of 4.09% and a net margin of 12.11%. As a group, research analysts predict that Independence Realty Trust will post 0.74 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 22nd. Investors of record on Wednesday, December 30th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend is Tuesday, December 29th. Independence Realty Trust’s payout ratio is 63.16%.

Hedge funds have recently modified their holdings of the stock. Morgan Stanley increased its holdings in Independence Realty Trust by 0.3% during the third quarter. Morgan Stanley now owns 326,125 shares of the real estate investment trust’s stock valued at $3,778,000 after buying an additional 1,101 shares during the period. Sei Investments Co. purchased a new position in Independence Realty Trust during the second quarter valued at approximately $3,887,000. Goldman Sachs Group Inc. increased its holdings in Independence Realty Trust by 10.6% during the second quarter. Goldman Sachs Group Inc. now owns 881,405 shares of the real estate investment trust’s stock valued at $10,128,000 after buying an additional 84,401 shares during the period. Stifel Financial Corp purchased a new position in Independence Realty Trust during the second quarter valued at approximately $1,240,000. Finally, Handelsbanken Fonder AB purchased a new position in Independence Realty Trust during the second quarter valued at approximately $174,000. 84.92% of the stock is currently owned by institutional investors.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties 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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Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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