Zacks: Analysts Anticipate Independence Realty Trust Inc (NYSE:IRT) Will Post Quarterly Sales of $52.35 Million

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Brokerages predict that Independence Realty Trust Inc (NYSE:IRT) will post sales of $52.35 million for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Independence Realty Trust’s earnings, with the highest sales estimate coming in at $53.65 million and the lowest estimate coming in at $51.51 million. Independence Realty Trust reported sales of $49.72 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.3%. The company is expected to issue its next earnings results on Thursday, February 20th.

On average, analysts expect that Independence Realty Trust will report full-year sales of $204.13 million for the current year, with estimates ranging from $203.30 million to $205.45 million. For the next financial year, analysts anticipate that the business will report sales of $216.88 million, with estimates ranging from $211.21 million to $221.82 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Independence Realty Trust.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, October 30th. The real estate investment trust reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.01). The firm had revenue of $51.30 million for the quarter, compared to analyst estimates of $51.69 million. Independence Realty Trust had a return on equity of 5.97% and a net margin of 18.23%.

A number of research firms recently commented on IRT. JMP Securities downgraded Independence Realty Trust from an “outperform” rating to a “market perform” rating and set a $12.00 target price for the company. in a report on Monday, October 21st. ValuEngine downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. National Securities assumed coverage on shares of Independence Realty Trust in a research report on Friday, September 27th. They set a “buy” rating and a $14.00 price target for the company. Capital One Financial restated an “equal weight” rating on shares of Independence Realty Trust in a research note on Monday, September 16th. Finally, Zacks Investment Research raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $12.08.

Institutional investors and hedge funds have recently modified their holdings of the company. Simplex Trading LLC purchased a new position in Independence Realty Trust during the third quarter valued at approximately $45,000. Tower Research Capital LLC TRC acquired a new stake in shares of Independence Realty Trust during the 2nd quarter worth approximately $56,000. Bank of Montreal Can grew its stake in shares of Independence Realty Trust by 684.4% during the 2nd quarter. Bank of Montreal Can now owns 8,730 shares of the real estate investment trust’s stock worth $101,000 after purchasing an additional 7,617 shares during the period. Commonwealth Equity Services LLC acquired a new stake in shares of Independence Realty Trust during the 3rd quarter worth approximately $200,000. Finally, Bailard Inc. purchased a new position in shares of Independence Realty Trust during the 3rd quarter valued at approximately $202,000. Hedge funds and other institutional investors own 87.14% of the company’s stock.

Shares of IRT stock opened at $14.64 on Wednesday. Independence Realty Trust has a fifty-two week low of $8.75 and a fifty-two week high of $15.89. The firm has a market capitalization of $1.36 billion, a PE ratio of 19.78 and a beta of 0.76. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.50 and a current ratio of 0.50. The stock’s 50-day simple moving average is $14.79 and its 200-day simple moving average is $13.25.

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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Earnings History and Estimates for Independence Realty Trust (NYSE:IRT)

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