Independence Realty Trust (NYSE:IRT) Hits New 1-Year Low – Time to Sell?

Independence Realty Trust, Inc. (NYSE:IRT)’s share price hit a new 52-week low during trading on Thursday . The stock traded as low as $14.60 and last traded at $14.8020, with a volume of 41139 shares traded. The stock had previously closed at $14.87.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Independence Realty Trust in a research report on Friday, March 27th. Zacks Research raised Independence Realty Trust from a “strong sell” rating to a “hold” rating in a research note on Monday, March 23rd. Wall Street Zen downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Sunday, February 22nd. Wells Fargo & Company reduced their price target on shares of Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, March 5th. Finally, BMO Capital Markets upgraded shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $20.00 to $22.00 in a report on Friday, January 9th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.61.

Independence Realty Trust Stock Performance

The company has a 50 day moving average of $16.19 and a 200 day moving average of $16.54. The firm has a market cap of $3.51 billion, a P/E ratio of 62.06, a PEG ratio of 1.66 and a beta of 0.99.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, meeting the consensus estimate of $0.32. The firm had revenue of $167.13 million for the quarter, compared to analyst estimates of $170.26 million. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.32 earnings per share. As a group, analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 17th. Stockholders of record on Friday, March 27th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, March 27th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.6%. Independence Realty Trust’s dividend payout ratio (DPR) is currently 283.33%.

Institutional Investors Weigh In On Independence Realty Trust

Large investors have recently bought and sold shares of the business. Solstein Capital LLC acquired a new stake in shares of Independence Realty Trust in the third quarter worth about $25,000. Danske Bank A S acquired a new position in shares of Independence Realty Trust during the 3rd quarter valued at about $26,000. First Horizon Corp acquired a new position in shares of Independence Realty Trust during the 3rd quarter valued at about $27,000. SHP Wealth Management bought a new position in shares of Independence Realty Trust in the 4th quarter valued at approximately $30,000. Finally, Farther Finance Advisors LLC raised its stake in shares of Independence Realty Trust by 70.3% in the 4th quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 747 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Company Profile

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.