Independence Realty Trust, Inc. (NYSE:IRT) Given Average Recommendation of “Moderate Buy” by Analysts

Independence Realty Trust, Inc. (NYSE:IRT) has earned a consensus recommendation of “Moderate Buy” from the seven analysts that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $22.00.

A number of analysts have recently commented on IRT shares. UBS Group dropped their price target on Independence Realty Trust from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Monday, November 10th. Barclays dropped their target price on 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 Thursday. Wells Fargo & Company dropped their price target on shares of Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 27th. Finally, Compass Point raised shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and increased their price objective for the company from $22.00 to $24.00 in a research report on Thursday, July 31st.

Hedge Funds Weigh In On Independence Realty Trust

A number of hedge funds have recently added to or reduced their stakes in IRT. Envestnet Asset Management Inc. boosted its stake in Independence Realty Trust by 0.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 252,949 shares of the real estate investment trust’s stock valued at $5,370,000 after purchasing an additional 731 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Independence Realty Trust by 889.9% during the first quarter. Victory Capital Management Inc. now owns 410,801 shares of the real estate investment trust’s stock valued at $8,721,000 after purchasing an additional 369,303 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Independence Realty Trust by 111.7% during the first quarter. IFP Advisors Inc now owns 6,862 shares of the real estate investment trust’s stock valued at $146,000 after buying an additional 3,620 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its holdings in Independence Realty Trust by 109.2% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 159,019 shares of the real estate investment trust’s stock worth $3,375,000 after buying an additional 82,997 shares in the last quarter. Finally, Lindbrook Capital LLC increased its holdings in Independence Realty Trust by 10.7% in the 1st quarter. Lindbrook Capital LLC now owns 8,730 shares of the real estate investment trust’s stock worth $185,000 after buying an additional 841 shares in the last quarter. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Trading Down 0.8%

Shares of IRT stock opened at $16.81 on Thursday. The company’s fifty day moving average price is $16.37 and its 200-day moving average price is $17.30. The stock has a market cap of $4.02 billion, a PE ratio of 168.08, a price-to-earnings-growth ratio of 2.34 and a beta of 0.98. 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 quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The business had revenue of $167.14 million for the quarter, compared to analysts’ expectations of $168.31 million. Independence Realty Trust had a net margin of 3.42% and a return on equity of 0.62%. During the same period last year, the business earned $0.29 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. On average, sell-side analysts forecast that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th were issued a dividend of $0.17 per share. The ex-dividend date was Tuesday, September 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.0%. Independence Realty Trust’s dividend payout ratio is presently 680.00%.

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.