Independence Realty Trust, Inc. (NYSE:IRT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have earned an average recommendation of “Moderate Buy” from the seven brokerages that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $22.1429.

A number of research analysts recently commented on IRT shares. Wall Street Zen cut shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Saturday, August 30th. Compass Point raised shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and increased their price target for the stock from $22.00 to $24.00 in a research report on Thursday, July 31st. UBS Group decreased their price target on Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Tuesday, July 15th. Barclays cut their price objective on Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 12th. Finally, Wells Fargo & Company decreased their target price on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, August 27th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IRT. Long Pond Capital LP raised its position in Independence Realty Trust by 564.5% in the second quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust’s stock worth $97,304,000 after acquiring an additional 4,672,690 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in Independence Realty Trust during the second quarter valued at approximately $30,368,000. Deutsche Bank AG boosted its holdings in Independence Realty Trust by 44.2% during the first quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust’s stock worth $103,535,000 after buying an additional 1,495,132 shares in the last quarter. Nuveen LLC acquired a new position in Independence Realty Trust in the first quarter worth approximately $29,149,000. Finally, Cbre Investment Management Listed Real Assets LLC lifted its position in shares of Independence Realty Trust by 120.0% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,233,851 shares of the real estate investment trust’s stock valued at $47,425,000 after acquiring an additional 1,218,559 shares during the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Stock Up 0.2%

Independence Realty Trust stock opened at $16.39 on Wednesday. The firm’s 50-day simple moving average is $17.30 and its 200 day simple moving average is $18.26. The firm has a market capitalization of $3.83 billion, a PE ratio of 136.58, a P/E/G ratio of 2.25 and a beta of 0.96. Independence Realty Trust has a 52 week low of $16.13 and a 52 week high of $22.26.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, hitting the consensus estimate of $0.28. The firm had revenue of $161.89 million during the quarter, compared to analysts’ expectations of $164.78 million. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. During the same period in the previous year, the company earned $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, research analysts expect that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Tuesday, September 30th. Independence Realty Trust’s dividend payout ratio is presently 566.67%.

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.