Independence Realty Trust (NYSE:IRT) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Independence Realty Trust (NYSE:IRT) from a hold rating to a sell rating in a research report report published on Saturday.

Several other analysts have also recently commented on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Independence Realty Trust in a research report on Friday. Compass Point raised Independence Realty Trust from a “neutral” rating to a “buy” rating and raised their target price for the stock from $22.00 to $24.00 in a research report on Thursday, July 31st. 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, August 12th. UBS Group cut their price objective on Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating for the company in a report on Tuesday, July 15th. Finally, Wells Fargo & Company cut their price objective on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday, August 27th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.14.

Independence Realty Trust Stock Up 0.3%

Shares of Independence Realty Trust stock opened at $15.99 on Friday. The stock has a market cap of $3.82 billion, a PE ratio of 159.87, a price-to-earnings-growth ratio of 2.20 and a beta of 0.98. The business has a fifty day simple moving average of $16.75 and a 200-day simple moving average of $17.61. Independence Realty Trust has a 12 month low of $15.06 and a 12 month high of $22.26.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). The business had revenue of $166.89 million during the quarter, compared to analyst estimates of $168.31 million. Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.During the same period last year, the business earned $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. Analysts expect that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 24th. Shareholders of record on Tuesday, September 30th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.3%. The ex-dividend date was Tuesday, September 30th. Independence Realty Trust’s dividend payout ratio (DPR) is 680.00%.

Hedge Funds Weigh In On Independence Realty Trust

Several institutional investors have recently bought and sold shares of the stock. IFM Investors Pty Ltd raised its holdings in Independence Realty Trust by 1.7% during the third quarter. IFM Investors Pty Ltd now owns 37,925 shares of the real estate investment trust’s stock valued at $627,000 after buying an additional 628 shares in the last quarter. Perigon Wealth Management LLC raised its holdings in 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 valued at $203,000 after buying an additional 658 shares in the last quarter. Xponance Inc. raised its holdings in 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 in the last quarter. Brooklyn Investment Group raised its holdings in 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 in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in 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 buying an additional 731 shares in the last quarter. 88.25% of the stock is currently 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.