Independence Realty Trust, Inc. (NYSE:IRT) Receives $21.35 Average PT from Brokerages

Independence Realty Trust, Inc. (NYSE:IRT) has received an average recommendation of “Moderate Buy” from the thirteen analysts that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $20.95.

IRT has been the subject of a number of recent research reports. Wells Fargo & Company decreased 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 note on Thursday. Wall Street Zen downgraded shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Sunday, February 22nd. Citigroup reaffirmed an “outperform” rating on shares of Independence Realty Trust in a research report on Friday, January 9th. Colliers Securities downgraded Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research note on Thursday, December 4th. Finally, KeyCorp decreased their price objective on Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, December 4th.

Independence Realty Trust Price Performance

Shares of IRT stock traded down $0.14 on Friday, reaching $16.51. 2,546,778 shares of the company were exchanged, compared to its average volume of 3,277,369. The company has a 50-day moving average of $16.85 and a 200-day moving average of $16.82. The company has a market cap of $3.92 billion, a price-to-earnings ratio of 68.79, a PEG ratio of 2.10 and a beta of 0.99. Independence Realty Trust has a one year low of $15.06 and a one year high of $21.67.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 for the quarter, compared to analyst estimates of $170.26 million. During the same quarter in the prior year, the company earned $0.32 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, sell-side analysts predict that Independence Realty Trust will post 1.19 EPS for the current year.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 23rd. Investors of record on Wednesday, December 31st were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Wednesday, December 31st. Independence Realty Trust’s dividend payout ratio is presently 283.33%.

Institutional Trading of Independence Realty Trust

Several institutional investors and hedge funds have recently made changes to their positions in IRT. Solstein Capital LLC bought a new stake in Independence Realty Trust in the 3rd quarter worth about $25,000. Danske Bank A S purchased a new position in shares of Independence Realty Trust in the 3rd quarter worth approximately $26,000. First Horizon Corp bought a new position in shares of Independence Realty Trust in the third quarter valued at approximately $27,000. SHP Wealth Management bought a new position in shares of Independence Realty Trust in the fourth quarter valued at approximately $30,000. Finally, Farther Finance Advisors LLC increased its position in shares of Independence Realty Trust by 70.3% during the fourth 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 during the last quarter. Hedge funds and other 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.