UBS Group Issues Pessimistic Forecast for Independence Realty Trust (NYSE:IRT) Stock Price

Independence Realty Trust (NYSE:IRT) had its target price cut by equities research analysts at UBS Group from $21.00 to $19.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. UBS Group’s price objective indicates a potential upside of 15.75% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. Wall Street Zen downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Independence Realty Trust in a research report on Friday, October 31st. Barclays decreased their price target on shares of Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 12th. Wells Fargo & Company cut 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 note on Wednesday, August 27th. Finally, Compass Point raised shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and increased their target price for the company from $22.00 to $24.00 in a report on Thursday, July 31st. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $21.86.

Independence Realty Trust Stock Down 0.3%

Shares of IRT stock traded down $0.06 during trading on Monday, hitting $16.42. The company had a trading volume of 1,147,197 shares, compared to its average volume of 2,382,328. The stock’s 50-day moving average is $16.62 and its two-hundred day moving average is $17.53. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 163.95, a price-to-earnings-growth ratio of 2.28 and a beta of 0.98. Independence Realty Trust has a 52 week low of $15.06 and a 52 week high of $22.26.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.The company had revenue of $166.89 million during the quarter, compared to the consensus estimate of $168.31 million. During the same period in the previous year, the company earned $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. On average, research analysts predict that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Independence Realty Trust

Several hedge funds have recently bought and sold shares of IRT. Long Pond Capital LP raised its stake in Independence Realty Trust by 564.5% during the 2nd quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust’s stock valued at $97,304,000 after buying an additional 4,672,690 shares during the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Independence Realty Trust during the 2nd quarter valued at $30,368,000. Deutsche Bank AG boosted its stake in shares of Independence Realty Trust by 44.2% in the first quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust’s stock worth $103,535,000 after acquiring an additional 1,495,132 shares during the period. Nuveen LLC purchased a new stake in Independence Realty Trust during the 1st quarter valued at approximately $29,149,000. Finally, Cbre Investment Management Listed Real Assets LLC increased its holdings in Independence Realty Trust by 120.0% in the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,233,851 shares of the real estate investment trust’s stock valued at $47,425,000 after acquiring an additional 1,218,559 shares during 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.