Independence Realty Trust (NYSE:IRT) Stock Price Target Lowered at Barclays

Independence Realty Trust (NYSE:IRT) had its price objective reduced by Barclays from $20.00 to $19.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Barclays‘s target price suggests a potential upside of 28.68% from the stock’s previous close.

A number of other equities analysts also recently commented on IRT. Citizens Jmp reissued a “market outperform” rating and issued a $22.00 target price on shares of Independence Realty Trust in a research note on Thursday, September 10th. Wall Street Zen raised shares of Independence Realty Trust from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. Weiss Ratings raised Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. UBS Group cut their target price on Independence Realty Trust from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, September 15th. Finally, Royal Bank Of Canada lifted their price target on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Independence Realty Trust has an average rating of “Moderate Buy” and a consensus price target of $19.61.

Independence Realty Trust Price Performance

IRT stock traded down $0.09 during midday trading on Wednesday, hitting $14.77. The stock had a trading volume of 53,892 shares, compared to its average volume of 2,911,617. Independence Realty Trust has a 12-month low of $14.33 and a 12-month high of $17.79. The firm has a market cap of $3.48 billion, a PE ratio of 81.97 and a beta of 0.96. The company’s 50-day moving average price is $15.70 and its 200 day moving average price is $16.08.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Allworth Financial LP grew its position in Independence Realty Trust by 25.9% during the 2nd quarter. Allworth Financial LP now owns 5,778 shares of the real estate investment trust’s stock worth $96,000 after purchasing an additional 1,187 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in Independence Realty Trust by 2.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 48,563 shares of the real estate investment trust’s stock valued at $723,000 after buying an additional 1,200 shares during the last quarter. Integrated Wealth Concepts LLC raised its position in Independence Realty Trust by 5.4% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 25,848 shares of the real estate investment trust’s stock worth $431,000 after buying an additional 1,318 shares during the last quarter. Assetmark Inc. lifted its stake in Independence Realty Trust by 73.2% during the 1st 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 period. Finally, Sunbelt Securities Inc. raised 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 worth $53,000 after purchasing an additional 1,625 shares during the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc is a real estate investment trust that owns, operates and manages multifamily apartment communities in the United States. The company focuses primarily on well-located properties in the Sun Belt and other attractive growth markets, serving residents seeking conventional apartment housing.

Its portfolio includes apartment communities with a range of unit types and resident amenities. Independence Realty Trust’s activities include leasing and managing properties, maintaining and improving communities, and pursuing acquisitions, dispositions and renovation initiatives intended to support the long-term performance of its residential portfolio.

Founded in 2009, the company has expanded through portfolio growth and strategic transactions, including its combination with Steadfast Apartment REIT in 2022.