Independence Realty Trust, Inc. (NYSE:IRT) Receives $20.06 Average Price Target from Analysts

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have received an average rating of “Moderate Buy” from the twelve ratings firms that are presently covering the company, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $20.0625.

Several brokerages have weighed in on IRT. Weiss Ratings raised Independence Realty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday. Jefferies Financial Group raised Independence Realty Trust to a “strong-buy” rating in a research note on Friday, June 26th. Zacks Research upgraded shares of Independence Realty Trust from a “strong sell” rating to a “hold” rating in a research note on Monday, March 23rd. Barclays upped their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. Finally, Wells Fargo & Company increased 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.

Independence Realty Trust Stock Up 1.4%

Independence Realty Trust stock opened at $17.39 on Friday. Independence Realty Trust has a 52-week low of $14.60 and a 52-week high of $18.18. The firm has a market capitalization of $4.10 billion, a price-to-earnings ratio of 86.92, a PEG ratio of 1.91 and a beta of 0.95. The firm has a 50-day moving average price of $16.52 and a two-hundred day moving average price of $16.42.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.23. The company had revenue of $165.32 million for the quarter, compared to analysts’ expectations of $166.35 million. Independence Realty Trust had a return on equity of 1.35% and a net margin of 7.27%.The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.120-1.160 EPS. Research analysts expect that Independence Realty Trust will post 1.14 earnings per share for the current year.

Independence Realty Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, June 26th. This is a positive change from Independence Realty Trust’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 4.1%. Independence Realty Trust’s dividend payout ratio is presently 360.00%.

Hedge Funds Weigh In On Independence Realty Trust

Hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC bought a new position in Independence Realty Trust during the first quarter valued at about $209,000. Goldman Sachs Group Inc. boosted its position in shares of Independence Realty Trust by 16.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,935,487 shares of the real estate investment trust’s stock valued at $62,320,000 after purchasing an additional 420,682 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Independence Realty Trust by 1.1% during the 2nd quarter. American Century Companies Inc. now owns 70,678 shares of the real estate investment trust’s stock valued at $1,250,000 after purchasing an additional 789 shares in the last quarter. Invesco Ltd. grew its stake in shares of Independence Realty Trust by 13.0% in the 2nd quarter. Invesco Ltd. now owns 1,139,216 shares of the real estate investment trust’s stock worth $20,153,000 after purchasing an additional 131,444 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Independence Realty Trust by 63.3% in the 2nd quarter. First Trust Advisors LP now owns 196,463 shares of the real estate investment trust’s stock worth $3,475,000 after purchasing an additional 76,147 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.

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.