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

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have received an average recommendation of “Moderate Buy” from the nine ratings firms that are covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $21.5625.

IRT has been the topic of several recent analyst reports. UBS Group reduced their target price on shares of Independence Realty Trust from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a report on Monday, December 8th. KeyCorp reduced their price objective 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, December 4th. Colliers Securities downgraded shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research note on Thursday, December 4th. Finally, Wells Fargo & Company cut their target price on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 27th.

Independence Realty Trust Price Performance

Shares of IRT stock opened at $16.92 on Monday. The company has a market cap of $4.04 billion, a PE ratio of 169.17, a price-to-earnings-growth ratio of 2.34 and a beta of 1.01. The stock’s 50 day simple moving average is $16.43 and its two-hundred day simple moving average is $17.12. Independence Realty Trust has a 1 year low of $15.06 and a 1 year high of $21.89.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $167.14 million for the quarter, compared to the consensus estimate of $168.31 million. During the same period in the prior year, the firm posted $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. Equities research analysts expect that Independence Realty Trust will post 1.19 EPS for the current year.

Hedge Funds Weigh In On Independence Realty Trust

Several hedge funds have recently bought and sold shares of IRT. Solstein Capital LLC purchased a new stake in shares of Independence Realty Trust during the third quarter valued at $25,000. Danske Bank A S purchased a new position in Independence Realty Trust in the 3rd quarter worth about $26,000. Brooklyn Investment Group lifted its holdings in Independence Realty Trust by 131.4% during the 1st quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 712 shares in the last quarter. First Horizon Corp bought a new stake in Independence Realty Trust during the 3rd quarter valued at about $27,000. Finally, Hantz Financial Services Inc. boosted its position in Independence Realty Trust by 551.2% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,869 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 1,582 shares during the period. 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.