Independence Realty Trust (NYSE:IRT) Upgraded by Zacks Research to Hold Rating

Key Points

• Independence Realty Trust was upgraded by Zacks from "strong sell" to "hold," and the stock carries an average analyst rating of Moderate Buy with an average price target of $20.61.
• The shares trade around $15.10 with a market cap of $3.56B and a P/E of 62.91; the REIT reported Q results with EPS of $0.32 (in line) and revenue of $167.13M (slightly below consensus) but revenue rose 3.8% year-over-year.
• Institutional ownership is high (~88.25%), with notable moves including Goldman Sachs increasing its stake to about 2.94M shares (roughly $62.3M) and several funds initiating or adding positions.

Independence Realty Trust (NYSE:IRT - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Monday,Zacks.com reports.

A number of other analysts have also commented on the company. Citigroup reissued an "outperform" rating on shares of Independence Realty Trust in a report on Friday, January 9th. BMO Capital Markets upgraded Independence Realty Trust from a "market perform" rating to an "outperform" rating and raised their target price for the company from $20.00 to $22.00 in a report on Friday, January 9th. Colliers Securities cut Independence Realty Trust from a "moderate buy" rating to a "hold" rating in a research report on Thursday, December 4th. Wells Fargo & Company decreased their price target on Independence Realty Trust from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Thursday, March 5th. Finally, UBS Group increased their price target on Independence Realty Trust from $19.00 to $20.00 and gave the company a "buy" rating in a research report on Thursday, January 8th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $20.61.

Independence Realty Trust Trading Down 0.2%

Independence Realty Trust stock opened at $15.10 on Monday. The firm has a market capitalization of $3.56 billion, a price-to-earnings ratio of 62.91, a price-to-earnings-growth ratio of 1.68 and a beta of 0.99. The firm's fifty day moving average price is $16.45 and its two-hundred day moving average price is $16.65. Independence Realty Trust has a 1-year low of $14.90 and a 1-year high of $21.56.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The company had revenue of $167.13 million during the quarter, compared to the consensus estimate of $170.26 million. During the same period in the previous year, the firm posted $0.32 earnings per share. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. On average, research analysts forecast that Independence Realty Trust will post 1.19 EPS for the current year.

Hedge Funds Weigh In On Independence Realty Trust

Hedge funds and other institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC purchased a new stake in shares of Independence Realty Trust during the first quarter valued at approximately $209,000. Goldman Sachs Group Inc. boosted its position in Independence Realty Trust by 16.7% in the first quarter. Goldman Sachs Group Inc. now owns 2,935,487 shares of the real estate investment trust's stock worth $62,320,000 after purchasing an additional 420,682 shares during the last quarter. SG Americas Securities LLC grew its stake in Independence Realty Trust by 197.9% in the 2nd quarter. SG Americas Securities LLC now owns 31,872 shares of the real estate investment trust's stock valued at $564,000 after purchasing an additional 21,174 shares during the period. Swiss National Bank grew its stake in Independence Realty Trust by 1.3% in the 2nd quarter. Swiss National Bank now owns 441,600 shares of the real estate investment trust's stock valued at $7,812,000 after purchasing an additional 5,500 shares during the period. Finally, Magnetar Financial LLC purchased a new stake in shares of Independence Realty Trust during the 2nd quarter valued at $203,000. Hedge funds and other institutional investors own 88.25% of the company's stock.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.

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