Independence Realty Trust (NYSE:IRT) Coverage Initiated at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Independence Realty Trust (NYSE:IRT) in a research note issued to investors on Wednesday. The firm set an “overweight” rating and a $24.00 price target on the real estate investment trust’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 15.32% from the stock’s current price.

A number of other research firms have also commented on IRT. Barclays reduced their price objective on shares of Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 19th. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Finally, Jefferies Financial Group raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and upped their price objective for the company from $20.00 to $24.00 in a research note on Monday, March 10th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.00.

Independence Realty Trust Trading Down 0.9 %

Shares of NYSE IRT opened at $20.81 on Wednesday. Independence Realty Trust has a twelve month low of $15.23 and a twelve month high of $22.26. The company has a market capitalization of $4.81 billion, a price-to-earnings ratio of 115.62, a PEG ratio of 2.91 and a beta of 1.18. The firm has a 50-day moving average of $20.01 and a two-hundred day moving average of $20.28.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. As a group, research analysts predict that Independence Realty Trust will post 1.19 earnings per share for the current year.

Hedge Funds Weigh In On Independence Realty Trust

Large investors have recently made changes to their positions in the business. Global Retirement Partners LLC increased its holdings in shares of 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 valued at $26,000 after purchasing an additional 521 shares during the period. SRS Capital Advisors Inc. increased its holdings in Independence Realty Trust by 627.5% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust’s stock worth $46,000 after buying an additional 2,008 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in Independence Realty Trust by 67.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 1,000 shares during the last quarter. Blue Trust Inc. increased its holdings in Independence Realty Trust by 33.9% in the fourth quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock worth $56,000 after buying an additional 692 shares during the last quarter. Finally, Avior Wealth Management LLC increased its holdings in Independence Realty Trust by 437.8% in the third quarter. Avior Wealth Management LLC now owns 3,001 shares of the real estate investment trust’s stock worth $62,000 after buying an additional 2,443 shares during the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Company Profile

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.