Independence Realty Trust, Inc. (NYSE:IRT) Receives $21.56 Consensus Target Price from Brokerages

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have received an average rating of “Moderate Buy” from the nine analysts that are presently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $21.5625.

IRT has been the topic of several research analyst reports. Wall Street Zen cut Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. UBS Group dropped their price objective on 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. Barclays upped their price target on Independence Realty Trust from $20.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 25th. Colliers Securities lowered shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research report on Thursday, December 4th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Independence Realty Trust in a report on Monday.

Hedge Funds Weigh In On Independence Realty Trust

Several hedge funds have recently bought and sold shares of the company. Swiss Life Asset Management Ltd bought a new position in shares of Independence Realty Trust in the third quarter worth $182,000. CIBC Private Wealth Group LLC grew its position in Independence Realty Trust by 41.5% during the third quarter. CIBC Private Wealth Group LLC now owns 16,405 shares of the real estate investment trust’s stock worth $269,000 after buying an additional 4,815 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new position in Independence Realty Trust during the third quarter worth about $411,000. Sunbelt Securities Inc. raised its holdings in shares of Independence Realty Trust by 37.5% in the 3rd quarter. Sunbelt Securities Inc. now owns 4,270 shares of the real estate investment trust’s stock valued at $70,000 after acquiring an additional 1,165 shares in the last quarter. Finally, Danske Bank A S purchased a new stake in shares of Independence Realty Trust in the 3rd quarter valued at about $26,000. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

IRT opened at $16.79 on Monday. The firm has a market capitalization of $4.01 billion, a PE ratio of 167.87, a P/E/G ratio of 2.36 and a beta of 1.01. Independence Realty Trust has a fifty-two week low of $15.06 and a fifty-two week high of $21.86. The company’s 50-day moving average is $16.51 and its 200 day moving average is $17.09.

Independence Realty Trust (NYSE:IRT) last announced its earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share (EPS) 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 analysts’ expectations of $168.31 million. During the same period in the previous year, the firm earned $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. As a group, analysts expect that Independence Realty Trust will post 1.19 EPS for the current year.

Independence Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 23rd. Shareholders of record on Wednesday, December 31st will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Wednesday, December 31st. Independence Realty Trust’s payout ratio is presently 680.00%.

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.