Independence Realty Trust, Inc. (NYSE:IRT) Receives $22.78 Average PT from Brokerages

Independence Realty Trust, Inc. (NYSE:IRT) has been assigned a consensus recommendation of “Moderate Buy” from the nine research firms that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $22.5556.

Several research analysts have commented on IRT shares. Wall Street Zen upgraded shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Compass Point raised shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and increased their price target for the stock from $22.00 to $24.00 in a research note on Thursday, July 31st. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 price objective on shares of Independence Realty Trust in a research report on Monday, May 5th. Barclays decreased their target price 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. Finally, UBS Group dropped their price target on Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Tuesday, July 15th.

Independence Realty Trust Stock Performance

NYSE IRT opened at $17.33 on Tuesday. The stock has a market cap of $4.05 billion, a P/E ratio of 144.42, a price-to-earnings-growth ratio of 2.43 and a beta of 0.94. Independence Realty Trust has a fifty-two week low of $16.59 and a fifty-two week high of $22.26. The stock has a 50 day simple moving average of $17.55 and a two-hundred day simple moving average of $18.99.

Independence Realty Trust (NYSE:IRT) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, meeting analysts’ consensus estimates of $0.28. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%. The company 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 earnings per share. Sell-side analysts predict that Independence Realty Trust will post 1.19 earnings per share for the current year.

Institutional Trading of Independence Realty Trust

Hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC grew its position in Independence Realty Trust by 2.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust’s stock valued at $442,000 after purchasing an additional 488 shares during the last quarter. Xponance Inc. grew its holdings in shares of Independence Realty Trust by 2.1% during the first quarter. Xponance Inc. now owns 32,632 shares of the real estate investment trust’s stock valued at $693,000 after buying an additional 678 shares during the last quarter. Brooklyn Investment Group grew its holdings in shares of Independence Realty Trust by 131.4% during the first quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 712 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Independence Realty Trust by 0.3% during the first quarter. Envestnet Asset Management Inc. now owns 252,949 shares of the real estate investment trust’s stock valued at $5,370,000 after acquiring an additional 731 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its holdings in Independence Realty Trust by 1.0% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 73,270 shares of the real estate investment trust’s stock worth $1,296,000 after acquiring an additional 759 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.