Independence Realty Trust, Inc. (NYSE:IRT) Stock Has Average Target Price of $19.39 According to Brokerages

Independence Realty Trust, Inc. (NYSE:IRT) has received a consensus rating of “Moderate Buy” from the thirteen analysts that are currently covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $19.50.

Several brokerages have weighed in on IRT. Wells Fargo & Company lowered their target price on shares of Independence Realty Trust from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Monday, October 19th. Royal Bank Of Canada boosted their price target on Independence Realty Trust from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. Citizens Jmp restated a “market outperform” rating and issued a $22.00 price target on shares of Independence Realty Trust in a report on Thursday, September 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Independence Realty Trust in a research note on Tuesday, November 3rd. Finally, Wall Street Zen raised Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Saturday, November 7th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Covestor Ltd grew its stake in Independence Realty Trust by 642.1% in the 3rd quarter. Covestor Ltd now owns 1,922 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 1,663 shares during the last quarter. Pathway Financial Advisers LLC purchased a new stake in shares of Independence Realty Trust in the third quarter valued at about $30,000. Sunbelt Securities Inc. lifted its holdings in shares of Independence Realty Trust by 84.4% in 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 in the last quarter. Assetmark Inc. lifted its holdings in shares of Independence Realty Trust by 73.2% in 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 in the last quarter. Finally, State of Wyoming acquired a new stake in shares of Independence Realty Trust in the first quarter valued at approximately $62,000. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Stock Performance

Independence Realty Trust stock opened at $14.94 on Thursday. Independence Realty Trust has a one year low of $14.33 and a one year high of $17.79. The business has a fifty day moving average of $14.95 and a two-hundred day moving average of $16.00. The company has a market cap of $3.52 billion, a P/E ratio of 57.47 and a beta of 0.90.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Monday, November 2nd. The real estate investment trust reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.18). Independence Realty Trust had a return on equity of 1.75% and a net margin of 9.19%. The company had revenue of $171.96 million for the quarter, compared to analyst estimates of $171.43 million. During the same period last year, the company earned $0.29 earnings per share. Sell-side analysts predict that Independence Realty Trust will post 1.14 EPS for the current year.

Independence Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 23rd. Shareholders of record on Wednesday, September 30th were issued a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.72 annualized dividend and a yield of 4.8%. Independence Realty Trust’s dividend payout ratio is 276.92%.

Independence Realty Trust Company Profile

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.