Compass Point Reiterates $24.50 Price Target for Independence Realty Trust (NYSE:IRT)

Compass Point set a $24.50 price target on Independence Realty Trust (NYSE:IRTGet Rating) in a report published on Monday, Stock Target Advisor reports.

Several other equities analysts have also issued reports on the stock. BTIG Research started coverage on shares of Independence Realty Trust in a report on Monday, May 9th. They issued a buy rating and a $27.00 target price on the stock. Jefferies Financial Group started coverage on shares of Independence Realty Trust in a report on Friday, April 22nd. They issued a buy rating and a $32.00 target price on the stock. TheStreet lowered shares of Independence Realty Trust from a b- rating to a c+ rating in a report on Tuesday, May 31st. KeyCorp boosted their target price on shares of Independence Realty Trust from $27.00 to $29.00 and gave the company an overweight rating in a report on Friday, April 1st. Finally, StockNews.com started coverage on shares of Independence Realty Trust in a report on Thursday, March 31st. They issued a sell rating on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $27.25.

Shares of NYSE:IRT opened at $20.85 on Monday. The firm has a market cap of $4.61 billion, a PE ratio of 29.37, a price-to-earnings-growth ratio of 9.76 and a beta of 0.88. The firm’s fifty day moving average is $23.80 and its 200-day moving average is $24.42. Independence Realty Trust has a 52 week low of $16.50 and a 52 week high of $28.42.

Independence Realty Trust (NYSE:IRTGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.09. Independence Realty Trust had a net margin of 34.18% and a return on equity of 5.34%. During the same quarter last year, the firm earned $0.18 EPS. Research analysts anticipate that Independence Realty Trust will post 1.05 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 22nd. Stockholders of record on Friday, July 1st will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, June 30th. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a dividend yield of 2.69%. Independence Realty Trust’s payout ratio is presently 67.61%.

Several large investors have recently bought and sold shares of IRT. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Independence Realty Trust during the fourth quarter worth about $26,000. Investment Research & Advisory Group Inc. bought a new stake in shares of Independence Realty Trust during the first quarter worth about $26,000. Resources Management Corp CT ADV bought a new stake in Independence Realty Trust in the 4th quarter worth about $27,000. Focused Wealth Management Inc bought a new stake in Independence Realty Trust in the 1st quarter worth about $27,000. Finally, Center for Financial Planning Inc. bought a new stake in Independence Realty Trust in the 4th quarter worth about $29,000. 82.42% of the stock is owned by institutional investors.

About Independence Realty Trust (Get Rating)

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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