Independence Realty Trust (NYSE:IRT) Raised to “Strong-Buy” at Jefferies Financial Group

Independence Realty Trust (NYSE:IRT) was upgraded by stock analysts at Jefferies Financial Group to a “strong-buy” rating in a research note issued on Friday,Zacks.com reports.

A number of other equities analysts also recently weighed in on the company. Wall Street Zen downgraded Independence Realty Trust from a “sell” rating to a “strong sell” rating in a report on Saturday, May 2nd. Zacks Research raised shares of Independence Realty Trust from a “strong sell” rating to a “hold” rating in a research report on Monday, March 23rd. Wells Fargo & Company raised their price target on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 1st. Barclays boosted their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Finally, UBS Group dropped their price objective on shares of Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Independence Realty Trust has a consensus rating of “Moderate Buy” and a consensus price target of $20.06.

Independence Realty Trust Stock Up 1.1%

Shares of Independence Realty Trust stock opened at $16.94 on Friday. Independence Realty Trust has a 12 month low of $14.60 and a 12 month high of $18.18. The stock has a market cap of $3.99 billion, a PE ratio of 84.68, a price-to-earnings-growth ratio of 1.87 and a beta of 0.96. The business has a fifty day simple moving average of $16.35 and a 200-day simple moving average of $16.41.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.23. The firm had revenue of $165.32 million for the quarter, compared to analyst estimates of $166.35 million. Independence Realty Trust had a return on equity of 1.35% and a net margin of 7.27%.Independence Realty Trust’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.27 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.120-1.160 EPS. Analysts expect that Independence Realty Trust will post 1.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Independence Realty Trust

Hedge funds have recently modified their holdings of the business. IFM Investors Pty Ltd increased its position in Independence Realty Trust by 1.6% during the fourth quarter. IFM Investors Pty Ltd now owns 38,532 shares of the real estate investment trust’s stock worth $674,000 after acquiring an additional 607 shares during the period. Global Retirement Partners LLC boosted its holdings in Independence Realty Trust by 15.9% in the 4th quarter. Global Retirement Partners LLC now owns 4,921 shares of the real estate investment trust’s stock valued at $86,000 after purchasing an additional 676 shares during the period. CWM LLC boosted its holdings in Independence Realty Trust by 1.8% in the 4th 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 period. Huntington National Bank grew its position in Independence Realty Trust by 46.4% in the 3rd quarter. Huntington National Bank now owns 2,289 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 725 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position 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 worth $32,000 after purchasing an additional 747 shares during the last quarter. 88.25% of the stock is owned by institutional investors.

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.