Independence Realty Trust (NYSE:IRT) Sets New 12-Month Low – What’s Next?

Independence Realty Trust, Inc. (NYSE:IRT)’s stock price reached a new 52-week low on Friday . The stock traded as low as $14.99 and last traded at $15.0950, with a volume of 3436862 shares trading hands. The stock had previously closed at $15.54.

Analyst Ratings Changes

A number of research analysts have issued reports on IRT shares. UBS Group lifted their target price on Independence Realty Trust from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, January 8th. Weiss Ratings restated a “hold (c)” rating on shares of Independence Realty Trust in a research note on Monday, December 29th. Citigroup reaffirmed an “outperform” rating on shares of Independence Realty Trust in a report on Friday, January 9th. Colliers Securities cut shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research report on Thursday, December 4th. Finally, Barclays dropped their price objective on shares of Independence Realty Trust from $21.00 to $18.00 and set an “equal weight” rating for the company in a research note on Friday, March 6th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.61.

Independence Realty Trust Stock Performance

The business’s fifty day moving average is $16.58 and its 200-day moving average is $16.72. The firm has a market cap of $3.58 billion, a P/E ratio of 62.90, a price-to-earnings-growth ratio of 1.75 and a beta of 0.99.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.32. The firm had revenue of $167.13 million for the quarter, compared to analyst estimates of $170.26 million. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.32 EPS. Analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 17th. Investors of record on Friday, March 27th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Friday, March 27th. Independence Realty Trust’s dividend payout ratio is presently 283.33%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Hsbc Holdings PLC increased its stake in shares of Independence Realty Trust by 22.0% in the fourth quarter. Hsbc Holdings PLC now owns 383,503 shares of the real estate investment trust’s stock valued at $6,704,000 after buying an additional 69,118 shares during the period. World Investment Advisors acquired a new position in shares of Independence Realty Trust in the fourth quarter worth approximately $732,000. SHP Wealth Management bought a new stake in Independence Realty Trust in the fourth quarter valued at approximately $30,000. Westshore Wealth LLC acquired a new stake in Independence Realty Trust during the 4th quarter valued at approximately $175,000. Finally, TMB Capital Partners LLC acquired a new stake in Independence Realty Trust during the 4th quarter valued at approximately $1,505,000. 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.