Independence Realty Trust (NYSE:IRT) Given Hold (C) Rating at Weiss Ratings

Independence Realty Trust (NYSE:IRT)‘s stock had its “hold (c)” rating reiterated by analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

Several other research analysts have also recently issued reports on the company. Wells Fargo & Company cut their price objective on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, August 27th. UBS Group cut their price objective on Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday, July 15th. Barclays cut their price objective on Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 12th. Wall Street Zen upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Friday, October 3rd. Finally, Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $22.00 to $24.00 in a research report on Thursday, July 31st. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.14.

Independence Realty Trust Price Performance

Shares of NYSE IRT opened at $16.37 on Wednesday. The stock has a fifty day moving average price of $17.17 and a 200 day moving average price of $18.09. Independence Realty Trust has a 1-year low of $16.06 and a 1-year high of $22.26. The company has a market cap of $3.83 billion, a PE ratio of 136.42, a P/E/G ratio of 2.24 and a beta of 0.95.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share for the quarter, hitting the consensus estimate of $0.28. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.The firm had revenue of $161.89 million during the quarter, compared to the consensus estimate of $164.78 million. During the same period last year, the company earned $0.28 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Analysts anticipate that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Independence Realty Trust by 1.7% in the first quarter. Vanguard Group Inc. now owns 32,806,493 shares of the real estate investment trust’s stock valued at $696,482,000 after buying an additional 554,729 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Independence Realty Trust by 1.3% in the first quarter. Wellington Management Group LLP now owns 13,570,175 shares of the real estate investment trust’s stock valued at $288,095,000 after buying an additional 171,228 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Independence Realty Trust by 0.3% in the second quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust’s stock valued at $161,678,000 after buying an additional 30,701 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Independence Realty Trust by 12.9% during the second quarter. Jennison Associates LLC now owns 6,926,454 shares of the real estate investment trust’s stock valued at $122,529,000 after acquiring an additional 789,515 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Independence Realty Trust by 2.3% during the second quarter. Geode Capital Management LLC now owns 6,190,693 shares of the real estate investment trust’s stock valued at $109,524,000 after acquiring an additional 138,817 shares during the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.