Independence Realty Trust, Inc. (NYSE:IRT) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been given an average rating of “Moderate Buy” by the eight brokerages that are presently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $22.1429.

IRT has been the topic of several research analyst reports. UBS Group lowered their price target on Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Tuesday, July 15th. Barclays lowered their target price on Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 12th. Wells Fargo & Company reduced their price objective on shares of Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, August 27th. Weiss Ratings restated a “hold (c)” rating on shares of Independence Realty Trust in a report on Saturday, September 27th. Finally, Wall Street Zen raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Friday.

Independence Realty Trust Stock Down 0.1%

IRT stock opened at $16.31 on Wednesday. The company has a market capitalization of $3.81 billion, a P/E ratio of 135.88, a PEG ratio of 2.25 and a beta of 0.95. The company has a 50-day simple moving average of $17.23 and a 200 day simple moving average of $18.15. Independence Realty Trust has a fifty-two week low of $16.12 and a fifty-two week high of $22.26.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.28. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. The company had revenue of $161.89 million during the quarter, compared to analyst estimates of $164.78 million. During the same period in the prior year, the business posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Equities analysts anticipate that Independence Realty Trust will post 1.19 EPS for the current year.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Investors of record on Tuesday, September 30th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Tuesday, September 30th. Independence Realty Trust’s dividend payout ratio (DPR) is presently 566.67%.

Institutional Investors Weigh In On Independence Realty Trust

Hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. increased its holdings in Independence Realty Trust by 3.5% in the 1st quarter. Principal Financial Group Inc. now owns 747,252 shares of the real estate investment trust’s stock valued at $15,864,000 after buying an additional 25,124 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Independence Realty Trust by 889.9% during the first quarter. Victory Capital Management Inc. now owns 410,801 shares of the real estate investment trust’s stock worth $8,721,000 after buying an additional 369,303 shares in the last quarter. Headlands Technologies LLC bought a new position in Independence Realty Trust in the 1st quarter valued at $53,000. Cbre Investment Management Listed Real Assets LLC lifted its position in Independence Realty Trust by 120.0% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,233,851 shares of the real estate investment trust’s stock worth $47,425,000 after buying an additional 1,218,559 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Independence Realty Trust by 1.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,618,723 shares of the real estate investment trust’s stock worth $76,825,000 after purchasing an additional 57,108 shares in the last quarter. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.