Wells Fargo & Company Lowers Independence Realty Trust (NYSE:IRT) Price Target to $19.00

Independence Realty Trust (NYSE:IRT) had its price objective lowered by stock analysts at Wells Fargo & Company from $20.00 to $19.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 14.46% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Sunday, February 22nd. Zacks Research lowered Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Barclays increased their price target on Independence Realty Trust from $20.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, November 25th. UBS Group boosted their price objective on Independence Realty Trust from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, January 8th. Finally, Colliers Securities downgraded Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research note on Thursday, December 4th. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Independence Realty Trust presently has an average rating of “Moderate Buy” and a consensus target price of $21.25.

Independence Realty Trust Stock Down 0.8%

Shares of Independence Realty Trust stock traded down $0.14 during mid-day trading on Thursday, reaching $16.60. 394,266 shares of the stock traded hands, compared to its average volume of 2,947,376. The stock has a market capitalization of $3.94 billion, a PE ratio of 69.17, a PEG ratio of 2.09 and a beta of 0.99. The business has a 50-day moving average of $16.89 and a 200 day moving average of $16.83. Independence Realty Trust has a fifty-two week low of $15.06 and a fifty-two week high of $21.67.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The firm had revenue of $167.13 million during the quarter, compared to the consensus estimate of $170.26 million. During the same period in the prior year, the company earned $0.32 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts expect that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Independence Realty Trust

A number of institutional investors have recently made changes to their positions in IRT. IFM Investors Pty Ltd lifted its holdings in Independence Realty Trust by 1.6% in the 4th quarter. IFM Investors Pty Ltd now owns 38,532 shares of the real estate investment trust’s stock worth $674,000 after buying an additional 607 shares in the last quarter. Perigon Wealth Management LLC increased its position in shares of Independence Realty Trust by 5.6% during the third quarter. Perigon Wealth Management LLC now owns 12,357 shares of the real estate investment trust’s stock worth $203,000 after acquiring an additional 658 shares during the last quarter. Global Retirement Partners LLC lifted its stake in shares of Independence Realty Trust by 15.9% in the fourth quarter. Global Retirement Partners LLC now owns 4,921 shares of the real estate investment trust’s stock worth $86,000 after acquiring an additional 676 shares in the last quarter. CWM LLC boosted its holdings in Independence Realty Trust by 1.8% in the fourth quarter. CWM LLC now owns 39,365 shares of the real estate investment trust’s stock valued at $688,000 after purchasing an additional 712 shares during the last quarter. Finally, Huntington National Bank grew its stake in Independence Realty Trust by 46.4% during the 3rd quarter. Huntington National Bank now owns 2,289 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 725 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.

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.