Independence Realty Trust (NYSE:IRT) Stock Gets Price Target Trim from Wells Fargo & Company

Independence Realty Trust (NYSE:IRT) had its price target decreased by Wells Fargo & Company from $19.00 to $18.00 in a research note published on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

Several other analysts have also recently issued reports on IRT. Weiss Ratings raised shares of Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Jefferies Financial Group raised shares of Independence Realty Trust to a “strong-buy” rating in a research note on Wednesday, July 22nd. Wall Street Zen upgraded Independence Realty Trust from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. Royal Bank Of Canada boosted their target price on Independence Realty Trust from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, August 5th. Finally, Citizens Jmp restated a “market outperform” rating and issued a $22.00 price target on shares of Independence Realty Trust in a research report on Thursday, September 10th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.39.

Independence Realty Trust Stock Down 0.2%

Independence Realty Trust stock opened at $14.82 on Monday. Independence Realty Trust has a 52-week low of $14.33 and a 52-week high of $17.79. The firm has a market capitalization of $3.49 billion, a price-to-earnings ratio of 12.91 and a beta of 0.96. The company has a fifty day simple moving average of $15.43 and a 200-day simple moving average of $16.07.

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

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.18 per share. The ex-dividend date is Wednesday, September 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.9%. Independence Realty Trust’s dividend payout ratio is currently 400.00%.

Institutional Trading of Independence Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of IRT. Allworth Financial LP lifted its position in Independence Realty Trust by 25.9% in the second quarter. Allworth Financial LP now owns 5,778 shares of the real estate investment trust’s stock valued at $96,000 after buying an additional 1,187 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in Independence Realty Trust by 2.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 48,563 shares of the real estate investment trust’s stock worth $723,000 after buying an additional 1,200 shares during the period. Integrated Wealth Concepts LLC increased its position in shares of Independence Realty Trust by 5.4% during the second quarter. Integrated Wealth Concepts LLC now owns 25,848 shares of the real estate investment trust’s stock valued at $431,000 after acquiring an additional 1,318 shares during the last quarter. Assetmark Inc. increased its position in shares of Independence Realty Trust by 73.2% during the first quarter. Assetmark Inc. now owns 3,630 shares of the real estate investment trust’s stock valued at $54,000 after acquiring an additional 1,534 shares during the last quarter. Finally, Sunbelt Securities Inc. increased its position in shares of Independence Realty Trust by 84.4% during the first quarter. Sunbelt Securities Inc. now owns 3,550 shares of the real estate investment trust’s stock valued at $53,000 after acquiring an additional 1,625 shares during the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

About Independence Realty Trust

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns, operates and acquires multifamily apartment communities in the United States. The company focuses on providing rental housing, with properties generally located in markets that offer population growth, employment opportunities and attractive long-term housing demand.

IRT’s portfolio is concentrated primarily in the Southeast and other select U.S. growth markets, including communities in states such as Georgia, North Carolina, South Carolina, Tennessee, Florida, Texas and Colorado.