Independence Realty Trust (NYSE:IRT) Price Target Raised to $18.00

Independence Realty Trust (NYSE:IRT) had its price target hoisted by UBS Group from $17.00 to $18.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the real estate investment trust’s stock.

A number of other research firms have also commented on IRT. Wells Fargo & Company lowered their price target on Independence Realty Trust from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Monday, October 19th. Citizens Jmp reiterated a “market outperform” rating and issued a $22.00 target price on shares of Independence Realty Trust in a research note on Thursday, September 10th. Barclays reduced their target price on shares of Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday, October 14th. Wall Street Zen upgraded shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Saturday, November 7th. Finally, Royal Bank Of Canada raised their price target on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.50.

Independence Realty Trust Stock Performance

IRT stock opened at $14.85 on Tuesday. The business has a 50-day simple moving average of $14.92 and a two-hundred day simple moving average of $15.99. The company has a market capitalization of $3.50 billion, a P/E ratio of 57.10 and a beta of 0.90. Independence Realty Trust has a 52-week low of $14.33 and a 52-week high of $17.79.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Monday, November 2nd. The real estate investment trust reported $0.11 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.18). Independence Realty Trust had a return on equity of 1.75% and a net margin of 9.19%. The company had revenue of $171.96 million during the quarter, compared to analysts’ expectations of $171.43 million. During the same period last year, the company earned $0.29 earnings per share. As a group, sell-side analysts forecast that Independence Realty Trust will post 1.14 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 23rd. Investors of record on Wednesday, September 30th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend was Wednesday, September 30th. Independence Realty Trust’s payout ratio is 276.92%.

Institutional Trading of Independence Realty Trust

Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of Independence Realty Trust during the 2nd quarter valued at approximately $601,975,000. Dimensional Fund Advisors LP raised its holdings in shares of Independence Realty Trust by 4.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,473,797 shares of the real estate investment trust’s stock worth $51,725,000 after purchasing an additional 134,364 shares during the period. Rush Island Management LP purchased a new position in Independence Realty Trust in the first quarter valued at approximately $51,462,000. Bank of America Corp DE purchased a new position in Independence Realty Trust in the second quarter valued at approximately $35,737,000. Finally, Bank of New York Mellon Corp bought a new position in Independence Realty Trust during the second quarter valued at $32,868,000. Institutional investors own 88.25% of the company’s stock.

About Independence Realty Trust

Independence Realty Trust, Inc. is a real estate investment trust (REIT) that owns and operates multifamily apartment communities in U.S. markets. Its business centers on providing rental housing and managing residential properties. The company focuses on apartment communities in non-gateway markets, with a portfolio concentrated in regions including the Southeast, Midwest and Mid-Atlantic. Its properties offer apartment homes and resident amenities. Founded in 2009, Independence Realty Trust became publicly traded on the New York Stock Exchange in 2013.