Boenning & Scattergood Maintains Their Buy Rating on Independence Realty (IRT)


Boenning & Scattergood analyst Merrill Ross maintained a Buy rating on Independence Realty (IRT) today and set a price target of $11. The company’s shares opened today at $10.53.

Ross commented:

“We believe that 1Q19 results suggest that IRT is on track to deliver the incremental $8-$9 million of revenues from the first two phases of its value-add program. IRT renovated 358 units through the end of 1Q19 at a 16% total IRR and is targeting completion on 1,500 units in 2019. The process is improving, and the company manages the inventory of renovated units available for rent by slowing down or speeding up turnover. Part of the reason we see the potential for dividend coverage (measured after recurring capex) being pushed out to 2020 is that we project more dispositions than acquisitions in 2019. This would effectively lower leverage, a goal that we think is slightly more imperative than dividend coverage at this juncture, given that the dividend shortfall is so modest, and that high leverage can exacerbate risk.”

According to TipRanks.com, Ross is a 3-star analyst with an average return of 1.0% and a 57.8% success rate. Ross covers the Financial sector, focusing on stocks such as Essential Properties Realty Trust Inc, Pennsylvania Real Estate Investment, and Monmouth Real Estate Investment.

Independence Realty has an analyst consensus of Moderate Buy, with a price target consensus of $10.75.

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The company has a one-year high of $10.94 and a one-year low of $8.75. Currently, Independence Realty has an average volume of 485.3K.

Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is neutral on the stock.

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Independence Realty Trust, Inc. is a real estate investment trust. It acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets.

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