Independence Realty Trust (NYSE:IRT) Lowered to “C+” at TheStreet

Independence Realty Trust (NYSE:IRTGet Rating) was downgraded by equities research analysts at TheStreet from a “b-” rating to a “c+” rating in a research report issued to clients and investors on Tuesday, TheStreetRatingsTable reports.

Several other research firms also recently issued reports on IRT. Barclays dropped their target price on Independence Realty Trust from $30.00 to $28.00 in a research report on Tuesday, May 10th. BTIG Research started coverage on Independence Realty Trust in a research report on Monday, May 9th. They set a “buy” rating and a $27.00 target price on the stock. KeyCorp increased their target price on Independence Realty Trust from $27.00 to $29.00 and gave the stock an “overweight” rating in a research report on Friday, April 1st. Jefferies Financial Group began coverage on Independence Realty Trust in a research report on Friday, April 22nd. They set a “buy” rating and a $32.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Independence Realty Trust from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, March 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $27.25.

Shares of IRT opened at $23.69 on Tuesday. The stock has a 50 day moving average price of $25.36 and a two-hundred day moving average price of $24.78. The firm has a market capitalization of $5.24 billion, a P/E ratio of 33.37, a P/E/G ratio of 11.17 and a beta of 0.88. Independence Realty Trust has a 52 week low of $16.50 and a 52 week high of $28.42.

Independence Realty Trust (NYSE:IRTGet Rating) last released its earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.09. Independence Realty Trust had a return on equity of 5.34% and a net margin of 34.18%. During the same period last year, the firm earned $0.18 earnings per share. On average, analysts expect that Independence Realty Trust will post 1.05 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in Independence Realty Trust by 100.0% during the 1st quarter. BlackRock Inc. now owns 39,462,883 shares of the real estate investment trust’s stock valued at $1,043,399,000 after buying an additional 19,735,415 shares in the last quarter. Vanguard Group Inc. grew its holdings in Independence Realty Trust by 98.9% during the 1st quarter. Vanguard Group Inc. now owns 24,329,328 shares of the real estate investment trust’s stock valued at $643,267,000 after buying an additional 12,099,993 shares in the last quarter. State Street Corp boosted its position in shares of Independence Realty Trust by 121.7% during the 1st quarter. State Street Corp now owns 12,302,671 shares of the real estate investment trust’s stock valued at $326,733,000 after acquiring an additional 6,753,959 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Independence Realty Trust by 1.4% during the 1st quarter. Wellington Management Group LLP now owns 7,494,895 shares of the real estate investment trust’s stock valued at $198,165,000 after acquiring an additional 101,479 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Independence Realty Trust by 5.9% during the 4th quarter. Deutsche Bank AG now owns 5,975,206 shares of the real estate investment trust’s stock valued at $154,340,000 after acquiring an additional 334,421 shares during the last quarter. 82.42% of the stock is owned by institutional investors.

Independence Realty Trust Company Profile (Get Rating)

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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