Independence Realty Trust (NYSE:IRT) Shares Gap Down Following Analyst Downgrade

by · The Cerbat Gem

Independence Realty Trust, Inc. (NYSE:IRT – Get Free Report)’s share price gapped down prior to trading on Thursday after Colliers Securities downgraded the stock from a moderate buy rating to a hold rating. The stock had previously closed at $17.25, but opened at $16.11. Independence Realty Trust shares last traded at $17.0850, with a volume of 464,788 shares changing hands.

Several other analysts have also recently weighed in on IRT. Barclays boosted their price objective on shares of Independence Realty Trust from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 25th. Wells Fargo & Company decreased their price target on 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. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Independence Realty Trust in a research note on Tuesday. UBS Group decreased their target price on shares of Independence Realty Trust from $21.00 to $19.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Finally, KeyCorp dropped their price target on shares of Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Independence Realty Trust has a consensus rating of “Moderate Buy” and an average price target of $21.56.

Get Our Latest Stock Analysis on IRT

Institutional Trading of Independence Realty Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Long Pond Capital LP grew its position 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 valued at $97,304,000 after acquiring an additional 4,672,690 shares during the period. Franklin Resources Inc. raised its position in shares of Independence Realty Trust by 1,435.4% in the third quarter. Franklin Resources Inc. now owns 3,827,503 shares of the real estate investment trust’s stock valued at $62,733,000 after purchasing an additional 3,578,221 shares during the period. Balyasny Asset Management L.P. bought a new stake in shares of Independence Realty Trust in the second quarter valued at approximately $30,368,000. Deutsche Bank AG lifted its stake in shares of Independence Realty Trust by 44.2% during the 1st quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust’s stock valued at $103,535,000 after buying an additional 1,495,132 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Independence Realty Trust during the 1st quarter valued at approximately $29,149,000. 88.25% of the stock is owned by institutional investors.

Independence Realty Trust Trading Down 1.3%

The company has a market capitalization of $3.95 billion, a P/E ratio of 165.27, a P/E/G ratio of 2.32 and a beta of 1.01. The company’s fifty day moving average is $16.40 and its 200 day moving average is $17.20.

Independence Realty Trust (NYSE:IRT – Get Free Report) 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 analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $168.31 million. During the same period in the previous year, the firm earned $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. Equities research analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Tuesday, September 30th. Independence Realty Trust’s dividend payout ratio is presently 680.00%.

Independence Realty Trust Company Profile

(Get Free Report)

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.

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