Analysts Set Independence Realty Trust, Inc. (NYSE:IRT) Price Target at $20.61

Independence Realty Trust, Inc. (NYSE:IRT) has been given an average recommendation of “Moderate Buy” by the twelve research firms that are currently covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $20.50.

IRT has been the subject of several research analyst reports. Zacks Research upgraded shares of Independence Realty Trust from a “strong sell” rating to a “hold” rating in a research report on Monday, March 23rd. BMO Capital Markets upgraded shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $20.00 to $22.00 in a research report on Friday, January 9th. UBS Group boosted their target price on shares of Independence Realty Trust from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. Wells Fargo & Company decreased their target price on Independence Realty Trust from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Citigroup reiterated an “outperform” rating on shares of Independence Realty Trust in a report on Friday, January 9th.

Independence Realty Trust Trading Up 2.4%

NYSE IRT opened at $15.87 on Friday. Independence Realty Trust has a 1 year low of $14.60 and a 1 year high of $19.83. The company has a market cap of $3.74 billion, a PE ratio of 66.10, a PEG ratio of 1.73 and a beta of 1.00. The stock’s 50-day moving average price is $15.84 and its two-hundred day moving average price is $16.41.

Independence Realty Trust (NYSE:IRT) last announced its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. The company had revenue of $167.13 million during the quarter, compared to analysts’ expectations of $170.26 million. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period last year, the company posted $0.32 earnings per share. Research analysts forecast that Independence Realty Trust will post 1.14 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, March 27th were given a dividend of $0.17 per share. The ex-dividend date was Friday, March 27th. This represents a $0.68 dividend on an annualized basis and a yield of 4.3%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 283.33%.

Hedge Funds Weigh In On Independence Realty Trust

Large investors have recently made changes to their positions in the business. Solstein Capital LLC purchased a new stake in shares of Independence Realty Trust in the third quarter worth approximately $25,000. Danske Bank A S purchased a new position in Independence Realty Trust during the third quarter valued at approximately $26,000. First Horizon Corp purchased a new position in Independence Realty Trust during the third quarter valued at approximately $27,000. SHP Wealth Management acquired a new position in Independence Realty Trust in the 4th quarter valued at approximately $30,000. Finally, Farther Finance Advisors LLC increased its stake in Independence Realty Trust by 70.3% in the 4th quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 747 shares during the period. Institutional investors and hedge funds own 88.25% of the company’s stock.

About Independence Realty Trust

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.