Independence Realty Trust (NYSE:IRT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Saturday, Zacks.com reports. The brokerage currently has a $13.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s target price points to a potential upside of 13.84% from the company’s current price.
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. “
Separately, Capital One Financial raised Independence Realty Trust from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective for the company in a research note on Wednesday, August 5th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $12.58.
Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.17). Independence Realty Trust had a return on equity of 4.71% and a net margin of 14.10%. The company had revenue of $52.09 million for the quarter, compared to analyst estimates of $52.69 million. As a group, research analysts predict that Independence Realty Trust will post 0.7 earnings per share for the current fiscal year.
Large investors have recently bought and sold shares of the business. FinTrust Capital Advisors LLC bought a new stake in shares of Independence Realty Trust in the first quarter valued at about $41,000. Private Advisor Group LLC bought a new stake in shares of Independence Realty Trust in the second quarter valued at about $59,000. PNC Financial Services Group Inc. lifted its holdings in shares of Independence Realty Trust by 100.0% in the first quarter. PNC Financial Services Group Inc. now owns 8,354 shares of the real estate investment trust’s stock valued at $75,000 after purchasing an additional 4,176 shares in the last quarter. Tudor Investment Corp Et Al bought a new stake in shares of Independence Realty Trust in the first quarter valued at about $90,000. Finally, First Mercantile Trust Co. bought a new stake in shares of Independence Realty Trust in the second quarter valued at about $118,000. 96.53% of the stock is owned by hedge funds and other institutional investors.
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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