Compass Point Reaffirms “Neutral” Rating for Independence Realty Trust (NYSE:IRT)

Independence Realty Trust (NYSE:IRT)‘s stock had its “neutral” rating restated by analysts at Compass Point in a research report issued on Tuesday, Marketbeat Ratings reports. They presently have a $22.00 target price on the real estate investment trust’s stock. Compass Point’s price objective indicates a potential upside of 18.53% from the stock’s current price.

IRT has been the subject of several other research reports. JMP Securities reiterated a “market outperform” rating and set a $25.00 target price on shares of Independence Realty Trust in a research report on Monday, May 5th. Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and increased their target price for the stock from $20.00 to $24.00 in a research report on Monday, March 10th. Barclays increased their target price on Independence Realty Trust from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. Wells Fargo & Company initiated coverage on Independence Realty Trust in a research report on Wednesday, March 19th. They set an “overweight” rating and a $24.00 target price for the company. Finally, UBS Group initiated coverage on Independence Realty Trust in a research report on Monday, April 7th. They set a “buy” rating and a $24.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.70.

Independence Realty Trust Stock Performance

IRT stock opened at $18.56 on Tuesday. The business’s 50-day moving average is $19.73 and its two-hundred day moving average is $20.11. Independence Realty Trust has a fifty-two week low of $15.66 and a fifty-two week high of $22.26. The company has a market cap of $4.34 billion, a price-to-earnings ratio of 103.11, a P/E/G ratio of 2.91 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.27 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.01). Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. The company had revenue of $160.91 million during the quarter, compared to the consensus estimate of $164.08 million. During the same period last year, the business earned $0.27 EPS. The firm’s quarterly revenue was up .4% compared to the same quarter last year. Equities analysts predict that Independence Realty Trust will post 1.19 earnings per share for the current year.

Insider Buying and Selling at Independence Realty Trust

In other news, CEO Scott Schaeffer sold 10,000 shares of the business’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total value of $212,100.00. Following the completion of the transaction, the chief executive officer now directly owns 873,365 shares of the company’s stock, valued at approximately $18,524,071.65. The trade was a 1.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 11,000 shares of company stock valued at $232,245 in the last ninety days. Corporate insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Independence Realty Trust by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 32,806,493 shares of the real estate investment trust’s stock valued at $696,482,000 after buying an additional 554,729 shares in the last quarter. Wellington Management Group LLP increased its position in Independence Realty Trust by 1.3% during the 1st quarter. Wellington Management Group LLP now owns 13,570,175 shares of the real estate investment trust’s stock valued at $288,095,000 after buying an additional 171,228 shares in the last quarter. Jennison Associates LLC increased its position in Independence Realty Trust by 4.8% during the 4th quarter. Jennison Associates LLC now owns 6,139,652 shares of the real estate investment trust’s stock valued at $121,811,000 after buying an additional 278,959 shares in the last quarter. Deutsche Bank AG increased its position in 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, Massachusetts Financial Services Co. MA increased its position in Independence Realty Trust by 8.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,380,250 shares of the real estate investment trust’s stock valued at $86,904,000 after buying an additional 352,307 shares in the last quarter. 88.25% of the stock is owned by institutional investors.

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.