Independence Realty Trust (NYSE:IRT) Raised to Sell at Wall Street Zen

Independence Realty Trust (NYSE:IRT) was upgraded by investment analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research report issued on Saturday.

Several other brokerages also recently weighed in on IRT. Jefferies Financial Group raised shares of Independence Realty Trust to a “strong-buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings raised shares of Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Wells Fargo & Company boosted their price target on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, June 1st. UBS Group cut their price objective on Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. Finally, Barclays upgraded Independence Realty Trust from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $19.00 to $20.00 in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and an average price target of $19.56.

Independence Realty Trust Price Performance

NYSE IRT opened at $17.02 on Friday. The company has a market cap of $4.01 billion, a P/E ratio of 94.58 and a beta of 0.94. The stock has a 50-day moving average of $16.72 and a two-hundred day moving average of $16.32. Independence Realty Trust has a 1-year low of $14.60 and a 1-year high of $18.18.

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

Hedge Funds Weigh In On Independence Realty Trust

Several hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC acquired a new stake in shares of Independence Realty Trust during the first quarter worth about $209,000. Goldman Sachs Group Inc. boosted its position in shares of 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 valued at $62,320,000 after purchasing an additional 420,682 shares during the period. American Century Companies Inc. boosted its position in shares of Independence Realty Trust by 1.1% in 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 during the period. Invesco Ltd. grew its stake in Independence Realty Trust by 13.0% during the 2nd quarter. Invesco Ltd. now owns 1,139,216 shares of the real estate investment trust’s stock worth $20,153,000 after buying an additional 131,444 shares during the last quarter. Finally, First Trust Advisors LP increased its position in Independence Realty Trust by 63.3% during the second quarter. First Trust Advisors LP now owns 196,463 shares of the real estate investment trust’s stock worth $3,475,000 after buying an additional 76,147 shares during the period. 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.