Independence Realty Trust (NYSE:IRT) Given “Neutral” Rating at Compass Point

Compass Point reaffirmed their neutral rating on shares of Independence Realty Trust (NYSE:IRT) in a research report released on Tuesday morning, Marketbeat.com reports. The brokerage currently has a $22.00 price target on the real estate investment trust’s stock.

IRT has been the topic of several other reports. UBS Group started coverage on Independence Realty Trust in a report on Monday, April 7th. They set a “buy” rating and a $24.00 price objective on the stock. JMP Securities reissued a “market outperform” rating and set a $25.00 price target on shares of Independence Realty Trust in a research report on Monday, May 5th. Jefferies Financial Group raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and raised their price target for the stock from $20.00 to $24.00 in a research report on Monday, March 10th. Barclays raised their price target on shares of Independence Realty Trust from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. Finally, Wells Fargo & Company initiated coverage on shares of Independence Realty Trust in a research report on Wednesday, March 19th. They set an “overweight” rating and a $24.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.70.

Independence Realty Trust Stock Down 2.1%

Independence Realty Trust stock opened at $18.91 on Tuesday. Independence Realty Trust has a 52-week low of $15.66 and a 52-week high of $22.26. The firm has a fifty day moving average of $19.78 and a 200-day moving average of $20.12. The firm has a market capitalization of $4.42 billion, a P/E ratio of 105.06, a PEG ratio of 2.91 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). The firm had revenue of $160.91 million during the quarter, compared to analyst estimates of $164.08 million. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.27 EPS. On average, research analysts expect that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Friday, March 28th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date was Friday, March 28th. Independence Realty Trust’s payout ratio is 457.14%.

Insider Activity

In related news, CEO Scott Schaeffer sold 10,000 shares of Independence Realty Trust stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total transaction of $212,100.00. Following the transaction, the chief executive officer now directly owns 873,365 shares of the company’s stock, valued at $18,524,071.65. The trade was a 1.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have sold 11,000 shares of company stock valued at $232,245. Company insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC increased its stake in Independence Realty Trust by 66.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 521 shares in the last quarter. Brooklyn Investment Group boosted its position in Independence Realty Trust by 131.4% during the 1st quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 712 shares during the period. SRS Capital Advisors Inc. boosted its position in Independence Realty Trust by 627.5% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 2,008 shares during the period. Jones Financial Companies Lllp boosted its position in Independence Realty Trust by 67.1% during the 4th quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 1,000 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in Independence Realty Trust during the 1st quarter worth about $53,000. 88.25% of the stock is owned by institutional investors and hedge funds.

About Independence Realty Trust

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.