Independence Realty Trust (NYSE:IRT) Lowered to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of Independence Realty Trust (NYSE:IRT) from a hold rating to a sell rating in a research note released on Saturday.

A number of other research analysts also recently commented on the company. Barclays lowered their target price on Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 12th. Wells Fargo & Company lowered their target price on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 27th. UBS Group lowered their target price on Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating on the stock in a research note on Tuesday, July 15th. Weiss Ratings restated a “hold (c-)” rating on shares of Independence Realty Trust in a research note on Friday. Finally, Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and upped their price target for the stock from $22.00 to $24.00 in a research note on Thursday, July 31st. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Independence Realty Trust has an average rating of “Moderate Buy” and a consensus price target of $22.14.

Independence Realty Trust Price Performance

Shares of NYSE IRT opened at $15.95 on Friday. The business’s 50-day moving average price is $16.78 and its two-hundred day moving average price is $17.64. Independence Realty Trust has a one year low of $15.06 and a one year high of $22.26. The company has a market capitalization of $3.73 billion, a P/E ratio of 159.54, a price-to-earnings-growth ratio of 2.20 and a beta of 0.95.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Independence Realty Trust had a net margin of 3.42% and a return on equity of 0.62%. The firm had revenue of $166.89 million during the quarter, compared to analysts’ expectations of $168.31 million. During the same quarter last year, the firm earned $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. On average, equities analysts anticipate that Independence Realty Trust will post 1.19 EPS for the current year.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Tuesday, September 30th. Independence Realty Trust’s dividend payout ratio is 680.00%.

Institutional Trading of Independence Realty Trust

Several large investors have recently made changes to their positions in IRT. Long Pond Capital LP lifted its position in shares of Independence Realty Trust by 564.5% during the 2nd quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust’s stock worth $97,304,000 after purchasing an additional 4,672,690 shares during the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Independence Realty Trust during the 2nd quarter worth about $30,368,000. Deutsche Bank AG lifted its position in shares of Independence Realty Trust by 44.2% during the 1st quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust’s stock worth $103,535,000 after purchasing an additional 1,495,132 shares during the last quarter. Nuveen LLC acquired a new position in shares of Independence Realty Trust during the 1st quarter worth about $29,149,000. Finally, Cbre Investment Management Listed Real Assets LLC lifted its position in shares of Independence Realty Trust by 120.0% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,233,851 shares of the real estate investment trust’s stock worth $47,425,000 after purchasing an additional 1,218,559 shares during the last quarter. Institutional investors 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.