Independence Realty Trust, Inc. (NYSE:IRT) Receives $20.61 Average Target Price from Analysts

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have earned a consensus recommendation of “Moderate Buy” from the twelve analysts that are currently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $20.6111.

A number of research firms have weighed in on IRT. Citigroup reaffirmed an “outperform” rating on shares of Independence Realty Trust in a research note on Friday, January 9th. KeyCorp lowered their target price on shares of Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, December 4th. Deutsche Bank Aktiengesellschaft cut 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. Wall Street Zen downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Sunday, February 22nd. Finally, Barclays decreased their price objective on Independence Realty Trust from $21.00 to $18.00 and set an “equal weight” rating for the company in a report on Friday, March 6th.

Independence Realty Trust Stock Up 0.1%

NYSE IRT opened at $14.78 on Wednesday. Independence Realty Trust has a 52 week low of $14.68 and a 52 week high of $21.56. The business has a 50 day moving average price of $16.32 and a 200-day moving average price of $16.59. The company has a market cap of $3.48 billion, a price-to-earnings ratio of 61.56, a P/E/G ratio of 1.64 and a beta of 0.99.

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

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 17th. Investors 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 annualized dividend and a yield of 4.6%. Independence Realty Trust’s dividend payout ratio is 283.33%.

Hedge Funds Weigh In On Independence Realty Trust

Several large investors have recently bought and sold shares of IRT. IFM Investors Pty Ltd grew its stake in shares of Independence Realty Trust by 1.6% in the 4th quarter. IFM Investors Pty Ltd now owns 38,532 shares of the real estate investment trust’s stock worth $674,000 after acquiring an additional 607 shares in the last quarter. Perigon Wealth Management LLC lifted its position in shares of Independence Realty Trust by 5.6% during the third quarter. Perigon Wealth Management LLC now owns 12,357 shares of the real estate investment trust’s stock valued at $203,000 after purchasing an additional 658 shares in the last quarter. Global Retirement Partners LLC lifted its position in shares of Independence Realty Trust by 15.9% during the fourth quarter. Global Retirement Partners LLC now owns 4,921 shares of the real estate investment trust’s stock valued at $86,000 after purchasing an additional 676 shares in the last quarter. CWM LLC boosted its holdings in Independence Realty Trust by 1.8% during the fourth quarter. CWM LLC now owns 39,365 shares of the real estate investment trust’s stock worth $688,000 after purchasing an additional 712 shares during the last quarter. Finally, Huntington National Bank boosted its holdings in Independence Realty Trust by 46.4% during the third quarter. Huntington National Bank now owns 2,289 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 725 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors.

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.