Independence Realty Trust, Inc. (NYSE:IRT) Receives $21.56 Consensus PT from Analysts

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been given an average rating of “Moderate Buy” by the nine analysts that are covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $21.5625.

Several research firms have weighed in on IRT. KeyCorp cut their target price on shares of Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, December 4th. Barclays boosted their target price on Independence Realty Trust from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 25th. UBS Group cut their price objective on Independence Realty Trust from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, November 10th. Wells Fargo & Company cut their price target on shares of Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 27th. Finally, Wall Street Zen downgraded shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st.

Independence Realty Trust Stock Up 1.1%

Independence Realty Trust stock opened at $17.16 on Monday. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of 171.66, a P/E/G ratio of 2.35 and a beta of 1.01. Independence Realty Trust has a 12-month low of $15.06 and a 12-month high of $21.86. The business’s 50-day simple moving average is $16.48 and its 200 day simple moving average is $17.10.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). Independence Realty Trust had a net margin of 3.42% and a return on equity of 0.62%. The business had revenue of $167.14 million during the quarter, compared to the consensus estimate of $168.31 million. During the same period last year, the business posted $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. As a group, sell-side analysts expect that Independence Realty Trust will post 1.19 EPS for the current year.

Independence Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 23rd. Investors of record on Wednesday, December 31st will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Wednesday, December 31st. Independence Realty Trust’s dividend payout ratio (DPR) is currently 680.00%.

Institutional Investors Weigh In On Independence Realty Trust

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Long Pond Capital LP raised its stake in shares of 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 worth $97,304,000 after purchasing an additional 4,672,690 shares in the last quarter. Franklin Resources Inc. increased its holdings in Independence Realty Trust by 1,435.4% during the third quarter. Franklin Resources Inc. now owns 3,827,503 shares of the real estate investment trust’s stock worth $62,733,000 after buying an additional 3,578,221 shares during the last quarter. Balyasny Asset Management L.P. bought a new stake in Independence Realty Trust during the second quarter worth $30,368,000. Nuveen LLC acquired a new stake in Independence Realty Trust in the first quarter valued at $29,149,000. Finally, Freestone Grove Partners LP acquired a new stake in Independence Realty Trust in the third quarter valued at $21,965,000. 88.25% of the stock is currently owned by institutional investors and hedge funds.

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.