Independence Realty Trust (NYSE:IRT – Get Free Report) had its target price upped by UBS Group from $17.00 to $18.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the real estate investment trust’s stock. UBS Group‘s target price would indicate a potential upside of 19.72% from the stock’s previous close.
Several other equities analysts have also recently weighed in on IRT. Wall Street Zen raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Saturday. Barclays dropped their target price on Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 14th. Jefferies Financial Group upgraded shares of Independence Realty Trust to a “strong-buy” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company reduced their target price on Independence Realty Trust from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Monday, October 19th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a research report on Tuesday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.50.
Check Out Our Latest Research Report on IRT
Independence Realty Trust Trading Down 0.2%
NYSE IRT traded down $0.04 during trading on Tuesday, hitting $15.04. 1,928,482 shares of the company’s stock were exchanged, compared to its average volume of 2,957,105. Independence Realty Trust has a fifty-two week low of $14.33 and a fifty-two week high of $17.79. The company has a market cap of $3.55 billion, a PE ratio of 57.71 and a beta of 0.90. The stock’s 50 day moving average price is $15.00 and its two-hundred day moving average price is $16.02.
Independence Realty Trust (NYSE:IRT – Get Free Report) last released its earnings results on Monday, November 2nd. The real estate investment trust reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.18). Independence Realty Trust had a net margin of 9.19% and a return on equity of 1.75%. The firm had revenue of $171.96 million during the quarter, compared to analyst estimates of $171.43 million. During the same quarter in the previous year, the firm earned $0.29 EPS. Analysts forecast that Independence Realty Trust will post 1.14 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in IRT. Covestor Ltd raised its holdings in Independence Realty Trust by 642.1% in the third quarter. Covestor Ltd now owns 1,922 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 1,663 shares in the last quarter. Pathway Financial Advisers LLC purchased a new position in shares of Independence Realty Trust during the third quarter valued at approximately $30,000. Sunbelt Securities Inc. lifted its holdings 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 purchasing an additional 1,625 shares during the last quarter. Assetmark Inc. lifted its holdings 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 purchasing an additional 1,534 shares during the last quarter. Finally, State of Wyoming bought a new stake in Independence Realty Trust in the first quarter worth $62,000. Institutional investors own 88.25% of the company’s stock.
About Independence Realty Trust
Independence Realty Trust, Inc. is a real estate investment trust (REIT) that owns and operates multifamily apartment communities in U.S. markets. Its business centers on providing rental housing and managing residential properties. The company focuses on apartment communities in non-gateway markets, with a portfolio concentrated in regions including the Southeast, Midwest and Mid-Atlantic. Its properties offer apartment homes and resident amenities. Founded in 2009, Independence Realty Trust became publicly traded on the New York Stock Exchange in 2013.
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