Wells Fargo & Company Issues Pessimistic Forecast for Independence Realty Trust (NYSE:IRT) Stock Price

Independence Realty Trust (NYSE:IRT) had its price objective lowered by analysts at Wells Fargo & Company from $20.00 to $19.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 14.46% from the company’s current price.

IRT has been the topic of several other reports. Zacks Research lowered Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a research note on Monday, December 29th. Deutsche Bank Aktiengesellschaft downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 price target on the stock. in a research report on Tuesday, January 20th. KeyCorp lowered their price objective on shares of Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, December 4th. Finally, Colliers Securities lowered shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research note on Thursday, December 4th. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $21.25.

Independence Realty Trust Stock Down 0.8%

Shares of IRT traded down $0.14 during midday trading on Thursday, hitting $16.60. The company had a trading volume of 394,266 shares, compared to its average volume of 2,947,376. The stock has a market cap of $3.94 billion, a price-to-earnings ratio of 69.17, a PEG ratio of 2.09 and a beta of 0.99. The company’s 50 day moving average price is $16.89 and its 200 day moving average price is $16.83. Independence Realty Trust has a 52 week low of $15.06 and a 52 week high of $21.67.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, hitting analysts’ consensus estimates of $0.32. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The business had revenue of $167.13 million during the quarter, compared to the consensus estimate of $170.26 million. During the same period last year, the firm earned $0.32 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities analysts anticipate that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Independence Realty Trust by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 33,235,002 shares of the real estate investment trust’s stock valued at $580,948,000 after purchasing an additional 250,549 shares during the period. State Street Corp boosted its stake in Independence Realty Trust by 0.6% during the fourth quarter. State Street Corp now owns 13,074,813 shares of the real estate investment trust’s stock valued at $230,705,000 after buying an additional 76,635 shares in the last quarter. Alliancebernstein L.P. raised its position in Independence Realty Trust by 0.3% in the second quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust’s stock worth $161,678,000 after acquiring an additional 30,701 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Independence Realty Trust by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 6,445,967 shares of the real estate investment trust’s stock valued at $112,690,000 after purchasing an additional 148,449 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of Independence Realty Trust by 209.5% in the 4th quarter. Morgan Stanley now owns 5,649,829 shares of the real estate investment trust’s stock worth $98,759,000 after purchasing an additional 3,824,512 shares during the last quarter. Institutional investors own 88.25% of the company’s stock.

About Independence Realty Trust

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.