Independence Realty Trust, Inc. (NYSE:IRT) Given Consensus Rating of “Moderate Buy” by Analysts
by Teresa Graham · The Cerbat GemIndependence Realty Trust, Inc. (NYSE:IRT – Get Free Report) has been given an average recommendation of “Moderate Buy” by the twelve ratings firms that are covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $20.50.
Several research analysts have recently weighed in on IRT shares. Barclays decreased their target price on shares of Independence Realty Trust from $21.00 to $18.00 and set an “equal weight” rating for the company in a research note on Friday, March 6th. Zacks Research raised shares of Independence Realty Trust from a “strong sell” rating to a “hold” rating in a report on Monday, March 23rd. UBS Group increased their target price on shares of Independence Realty Trust from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a report on Tuesday, January 20th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Independence Realty Trust in a report on Friday, January 9th.
Check Out Our Latest Analysis on Independence Realty Trust
Independence Realty Trust Stock Down 0.3%
IRT opened at $15.80 on Friday. The company has a market cap of $3.72 billion, a P/E ratio of 65.81, a P/E/G ratio of 1.77 and a beta of 1.00. The company has a 50 day moving average of $15.83 and a two-hundred day moving average of $16.41. Independence Realty Trust has a 52-week low of $14.60 and a 52-week high of $19.83.
Independence Realty Trust (NYSE:IRT – Get Free Report) last announced its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, meeting the consensus estimate of $0.32. The business had revenue of $167.13 million during the quarter, compared to the consensus estimate of $170.26 million. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 earnings per share. Research analysts anticipate that Independence Realty Trust will post 1.14 earnings per share for the current year.
Independence Realty Trust Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, March 27th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, March 27th. This represents a $0.68 annualized dividend and a yield of 4.3%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 283.33%.
Hedge Funds Weigh In On Independence Realty Trust
Several large investors have recently bought and sold shares of IRT. Vanguard Group Inc. boosted its position in shares of Independence Realty Trust by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 33,235,002 shares of the real estate investment trust’s stock valued at $580,948,000 after purchasing an additional 250,549 shares in the last quarter. State Street Corp boosted its holdings in shares of Independence Realty Trust by 0.6% in the fourth quarter. State Street Corp now owns 13,074,813 shares of the real estate investment trust’s stock worth $230,705,000 after buying an additional 76,635 shares during the period. Alliancebernstein L.P. lifted its position in shares of Independence Realty Trust by 0.3% in the second quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust’s stock worth $161,678,000 after purchasing an additional 30,701 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Independence Realty Trust by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 6,445,967 shares of the real estate investment trust’s stock worth $112,690,000 after purchasing an additional 148,449 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of Independence Realty Trust by 209.5% in the fourth quarter. Morgan Stanley now owns 5,649,829 shares of the real estate investment trust’s stock worth $98,759,000 after purchasing an additional 3,824,512 shares in the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.
About Independence Realty Trust
Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.
Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.