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

Independence Realty Trust, Inc. (NYSE:IRT) has been assigned a consensus rating of “Moderate Buy” from the twelve analysts that are currently covering the company, Marketbeat reports. Four investment analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $20.1875.

Several equities analysts recently commented on the company. Weiss Ratings upgraded Independence Realty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, July 6th. Wall Street Zen lowered shares of Independence Realty Trust from a “sell” rating to a “strong sell” rating in a report on Saturday, May 2nd. Wells Fargo & Company raised their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Monday, June 1st. UBS Group lowered their target price on shares of Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, May 14th. Finally, Barclays raised shares of Independence Realty Trust from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $19.00 to $20.00 in a report on Tuesday, July 14th.

Independence Realty Trust Trading Down 1.2%

NYSE:IRT opened at $16.41 on Tuesday. The firm has a market capitalization of $3.87 billion, a PE ratio of 82.03 and a beta of 0.95. Independence Realty Trust has a 1 year low of $14.60 and a 1 year high of $18.18. The firm’s fifty day simple moving average is $16.61 and its 200 day simple moving average is $16.35.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $0.26 EPS for the quarter, topping the consensus estimate of $0.03 by $0.23. The company had revenue of $165.32 million for the quarter, compared to the consensus estimate of $166.35 million. Independence Realty Trust had a return on equity of 1.35% and a net margin of 7.27%.The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.27 EPS. Independence Realty Trust has set its FY 2026 guidance at 1.120-1.160 EPS. As a group, analysts anticipate that Independence Realty Trust will post 1.14 EPS for the current fiscal year.

Independence Realty Trust Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were given a dividend of $0.18 per share. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Friday, June 26th. Independence Realty Trust’s payout ratio is 360.00%.

Hedge Funds Weigh In On Independence Realty Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IRT. Fulton Bank N.A. grew its position in Independence Realty Trust by 15.9% in the second quarter. Fulton Bank N.A. now owns 19,248 shares of the real estate investment trust’s stock valued at $321,000 after purchasing an additional 2,646 shares in the last quarter. Legacy Wealth Asset Management LLC bought a new stake in Independence Realty Trust during the 2nd quarter worth about $174,000. Sunbelt Securities Inc. boosted its stake in shares of Independence Realty Trust by 84.4% during the 1st quarter. Sunbelt Securities Inc. now owns 3,550 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 1,625 shares during the last quarter. Amundi boosted its stake in shares of Independence Realty Trust by 5.0% during the 1st quarter. Amundi now owns 133,341 shares of the real estate investment trust’s stock worth $1,985,000 after buying an additional 6,344 shares during the last quarter. Finally, California State Teachers Retirement System grew its holdings in shares of Independence Realty Trust by 26.6% in the 1st quarter. California State Teachers Retirement System now owns 278,649 shares of the real estate investment trust’s stock valued at $4,149,000 after acquiring an additional 58,584 shares in the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

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.