Independence Realty Trust’s (IRT) “Market Outperform” Rating Reiterated at Citizens Jmp

Citizens Jmp reaffirmed their market outperform rating on shares of Independence Realty Trust (NYSE:IRT) in a research report report published on Thursday,Benzinga reports. They currently have a $22.00 price objective on the real estate investment trust’s stock.

A number of other equities research analysts also recently issued reports on IRT. Wall Street Zen upgraded Independence Realty Trust from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. Citigroup reiterated a “market outperform” rating on shares of Independence Realty Trust in a research note on Thursday. Royal Bank Of Canada raised their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, August 5th. Wells Fargo & Company boosted their target price on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. Finally, Weiss Ratings raised shares of Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Independence Realty Trust currently has an average rating of “Moderate Buy” and a consensus target price of $19.83.

Independence Realty Trust Price Performance

NYSE IRT opened at $15.24 on Thursday. The business’s fifty day moving average price is $16.56 and its 200-day moving average price is $16.28. The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of 84.67 and a beta of 0.93. Independence Realty Trust has a 1-year low of $14.60 and a 1-year high of $17.79.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Monday, August 3rd. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.26). The firm had revenue of $167.24 million during the quarter, compared to analysts’ expectations of $166.93 million. Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%.The business’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter last year, the business earned $0.28 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. Equities research analysts anticipate that Independence Realty Trust will post 1.14 EPS for the current year.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Wednesday, September 30th will be given a $0.18 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $0.72 dividend on an annualized basis and a yield of 4.7%. Independence Realty Trust’s dividend payout ratio is presently 400.00%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. NewEdge Advisors LLC bought a new stake in shares of Independence Realty Trust during the 1st quarter valued at $209,000. Goldman Sachs Group Inc. increased its stake in Independence Realty Trust by 16.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,935,487 shares of the real estate investment trust’s stock worth $62,320,000 after buying an additional 420,682 shares in the last quarter. American Century Companies Inc. raised its holdings in Independence Realty Trust by 1.1% during the second quarter. American Century Companies Inc. now owns 70,678 shares of the real estate investment trust’s stock valued at $1,250,000 after acquiring an additional 789 shares during the period. Invesco Ltd. lifted its position in shares of Independence Realty Trust by 13.0% in the second quarter. Invesco Ltd. now owns 1,139,216 shares of the real estate investment trust’s stock valued at $20,153,000 after acquiring an additional 131,444 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Independence Realty Trust by 63.3% in the second quarter. First Trust Advisors LP now owns 196,463 shares of the real estate investment trust’s stock valued at $3,475,000 after acquiring an additional 76,147 shares in the last quarter. 88.25% of the stock is owned by hedge funds and other institutional investors.

About Independence Realty Trust

Independence Realty Trust, Inc is a self-administered and self-managed real estate investment trust that owns, operates and acquires multifamily apartment communities. The company generates revenue primarily from residential rents and related fees, while focusing on providing housing in markets with favorable population and employment trends.

Independence Realty Trust’s portfolio is concentrated primarily in the Sun Belt and other high-growth regions of the United States. Its communities serve a range of renters and typically include amenities such as swimming pools, fitness centers, clubhouses and outdoor recreation areas.