Analysts Set Independence Realty Trust, Inc. (NYSE:IRT) Price Target at $22.00

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have received a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $22.00.

IRT has been the topic of several recent research reports. Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and upped their price target for the stock from $22.00 to $24.00 in a research note on Thursday, July 31st. UBS Group cut their target price 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. Weiss Ratings restated a “hold (c)” rating on shares of Independence Realty Trust in a report on Thursday. Wall Street Zen cut shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Finally, Wells Fargo & Company cut their price objective on shares of Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 27th.

Independence Realty Trust Price Performance

Shares of NYSE IRT opened at $16.97 on Thursday. Independence Realty Trust has a 1 year low of $15.06 and a 1 year high of $22.26. The firm has a 50-day moving average of $16.38 and a 200 day moving average of $17.33. The stock has a market cap of $4.06 billion, a P/E ratio of 169.67, a price-to-earnings-growth ratio of 2.34 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.The business had revenue of $167.14 million during the quarter, compared to analysts’ expectations of $168.31 million. During the same quarter last year, the company posted $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. Research analysts expect that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th were issued a dividend of $0.17 per share. The ex-dividend date was Tuesday, September 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.0%. Independence Realty Trust’s dividend payout ratio is presently 680.00%.

Hedge Funds Weigh In On Independence Realty Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Solstein Capital LLC bought a new stake in shares of Independence Realty Trust in the 3rd quarter worth $25,000. Danske Bank A S purchased a new stake in shares of Independence Realty Trust during the third quarter valued at $26,000. Brooklyn Investment Group increased its holdings in Independence Realty Trust by 131.4% in the 1st quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 712 shares in the last quarter. First Horizon Corp bought a new stake in Independence Realty Trust in the 3rd quarter worth about $27,000. Finally, Hantz Financial Services Inc. raised its position in Independence Realty Trust by 551.2% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,869 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 1,582 shares during the last quarter. 88.25% of the stock is owned by institutional investors.

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.