Wall Street Zen Upgrades Independence Realty Trust (NYSE:IRT) to Hold

Independence Realty Trust (NYSE:IRT) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Friday.

Other research analysts have also issued research reports about the stock. UBS Group cut their price target on shares of Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Tuesday, July 15th. Barclays cut their price target on shares of Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 12th. Weiss Ratings restated a “hold (c)” rating on shares of Independence Realty Trust in a report on Saturday, September 27th. Compass Point upgraded shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and raised their price target for the company from $22.00 to $24.00 in a report on Thursday, July 31st. Finally, Wells Fargo & Company lowered their price objective on shares of 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. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and an average target price of $22.14.

Independence Realty Trust Price Performance

NYSE IRT opened at $16.31 on Friday. Independence Realty Trust has a 12 month low of $16.12 and a 12 month high of $22.26. The company has a 50-day moving average of $17.23 and a 200-day moving average of $18.17. The company has a market cap of $3.81 billion, a P/E ratio of 135.88, a P/E/G ratio of 2.25 and a beta of 0.95.

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

Institutional Trading of Independence Realty Trust

A number of hedge funds have recently made changes to their positions in IRT. Wealth Enhancement Advisory Services LLC grew its position in shares of Independence Realty Trust by 2.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust’s stock worth $442,000 after buying an additional 488 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Independence Realty Trust by 1,991.6% during the first quarter. GAMMA Investing LLC now owns 36,749 shares of the real estate investment trust’s stock worth $7,800,000 after buying an additional 34,992 shares in the last quarter. Fulton Bank N.A. grew its position in shares of Independence Realty Trust by 11.9% during the first quarter. Fulton Bank N.A. now owns 16,236 shares of the real estate investment trust’s stock worth $345,000 after buying an additional 1,731 shares in the last quarter. Blue Zone Wealth Advisors LLC grew its position in shares of Independence Realty Trust by 18.9% during the first quarter. Blue Zone Wealth Advisors LLC now owns 266,648 shares of the real estate investment trust’s stock worth $5,661,000 after buying an additional 42,465 shares in the last quarter. Finally, Carlton Hofferkamp & Jenks Wealth Management LLC acquired a new position in Independence Realty Trust in the first quarter worth $278,000. Institutional investors and hedge funds own 88.25% of the company’s stock.

About Independence Realty Trust

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.