Independence Realty Trust, Inc. (NYSE:IRT) Given Consensus Rating of “Moderate Buy” by Analysts

Independence Realty Trust, Inc. (NYSE:IRT) has been assigned a consensus recommendation of “Moderate Buy” from the thirteen analysts that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $21.35.

A number of research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lowered shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a report on Tuesday, January 20th. Zacks Research cut shares of Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Wall Street Zen downgraded shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Sunday, February 22nd. Citigroup reaffirmed an “outperform” rating on shares of Independence Realty Trust in a report on Friday, January 9th. Finally, UBS Group lifted their price target on Independence Realty Trust from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock opened at $16.59 on Friday. Independence Realty Trust has a 1-year low of $15.06 and a 1-year high of $21.86. The company’s fifty day simple moving average is $16.93 and its 200-day simple moving average is $16.85. The stock has a market capitalization of $3.94 billion, a PE ratio of 69.10, a P/E/G ratio of 2.14 and a beta of 1.00.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.32. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The firm had revenue of $167.13 million for the quarter, compared to analysts’ expectations of $170.26 million. During the same period in the previous year, the firm earned $0.32 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, research analysts anticipate that Independence Realty Trust will post 1.19 EPS for the current year.

Independence Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 23rd. Stockholders of record on Wednesday, December 31st were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Wednesday, December 31st. Independence Realty Trust’s dividend payout ratio (DPR) is 283.33%.

Hedge Funds Weigh In On Independence Realty Trust

Several hedge funds have recently bought and sold shares of IRT. Pacer Advisors Inc. purchased a new stake in shares of Independence Realty Trust during the 3rd quarter worth $857,000. Nomura Asset Management Co. Ltd. raised its holdings in Independence Realty Trust by 4.7% in the second quarter. Nomura Asset Management Co. Ltd. now owns 338,253 shares of the real estate investment trust’s stock worth $5,984,000 after purchasing an additional 15,200 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Independence Realty Trust by 329.6% during the third quarter. Exchange Traded Concepts LLC now owns 268,335 shares of the real estate investment trust’s stock valued at $4,398,000 after buying an additional 205,869 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Independence Realty Trust by 92.6% during the second quarter. Thrivent Financial for Lutherans now owns 360,215 shares of the real estate investment trust’s stock valued at $6,372,000 after buying an additional 173,165 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new stake in shares of Independence Realty Trust in the 2nd quarter valued at about $581,000. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Company Profile

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.