UBS Group Lowers Independence Realty Trust (NYSE:IRT) Price Target to $21.00

Independence Realty Trust (NYSE:IRT) had its price target reduced by analysts at UBS Group from $24.00 to $21.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. UBS Group’s target price points to a potential upside of 21.68% from the stock’s previous close.

IRT has been the topic of several other research reports. Compass Point reiterated a “neutral” rating and set a $22.00 price target on shares of Independence Realty Trust in a report on Tuesday, May 13th. Barclays increased their price target on Independence Realty Trust from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. Wells Fargo & Company began coverage on shares of Independence Realty Trust in a research note on Wednesday, March 19th. They issued an “overweight” rating and a $24.00 price objective on the stock. Finally, JMP Securities restated a “market outperform” rating and issued a $25.00 price objective on shares of Independence Realty Trust in a research note on Monday, May 5th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.40.

Independence Realty Trust Trading Up 0.9%

IRT stock opened at $17.26 on Tuesday. Independence Realty Trust has a one year low of $17.05 and a one year high of $22.26. The firm has a market capitalization of $4.03 billion, a PE ratio of 123.28, a P/E/G ratio of 2.43 and a beta of 0.93. The firm has a 50-day moving average of $18.17 and a two-hundred day moving average of $19.25.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). Independence Realty Trust had a return on equity of 0.85% and a net margin of 4.70%. The company had revenue of $160.91 million during the quarter, compared to analysts’ expectations of $164.08 million. During the same period last year, the company earned $0.27 earnings per share. Independence Realty Trust’s revenue for the quarter was up .4% compared to the same quarter last year. On average, equities research analysts anticipate that Independence Realty Trust will post 1.19 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue boosted its stake in Independence Realty Trust by 1.6% during the 2nd quarter. State of Alaska Department of Revenue now owns 138,751 shares of the real estate investment trust’s stock worth $2,453,000 after acquiring an additional 2,172 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in Independence Realty Trust by 2.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 334,054 shares of the real estate investment trust’s stock worth $5,909,000 after acquiring an additional 8,567 shares during the last quarter. UMB Bank n.a. boosted its stake in Independence Realty Trust by 189.5% during the 2nd quarter. UMB Bank n.a. now owns 2,883 shares of the real estate investment trust’s stock worth $51,000 after acquiring an additional 1,887 shares during the last quarter. Carderock Capital Management Inc. bought a new position in Independence Realty Trust during the 2nd quarter worth approximately $159,000. Finally, Exchange Traded Concepts LLC bought a new position in Independence Realty Trust during the 2nd quarter worth approximately $1,105,000. Institutional investors own 88.25% of the company’s stock.

About Independence Realty Trust

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.