Barclays Forecasts Strong Price Appreciation for Independence Realty Trust (NYSE:IRT) Stock

Independence Realty Trust (NYSE:IRT) had its target price upped by equities researchers at Barclays from $20.00 to $21.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s target price points to a potential upside of 15.29% from the company’s current price.

IRT has been the topic of several other reports. JMP Securities restated a “market outperform” rating and set a $22.00 price target on shares of Independence Realty Trust in a report on Tuesday, February 11th. Jefferies Financial Group raised Independence Realty Trust from a “hold” rating to a “buy” rating and increased their price target for the company from $20.00 to $24.00 in a research report on Monday, March 10th. UBS Group started coverage on Independence Realty Trust in a research report on Monday, April 7th. They issued a “buy” rating and a $24.00 price objective on the stock. Finally, Wells Fargo & Company assumed coverage on Independence Realty Trust in a research report on Wednesday, March 19th. They set an “overweight” rating and a $24.00 target price for the company. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.33.

Independence Realty Trust Trading Down 0.4 %

Shares of IRT stock opened at $18.22 on Friday. The firm has a market capitalization of $4.21 billion, a PE ratio of 101.19, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98. The firm has a fifty day simple moving average of $20.41 and a two-hundred day simple moving average of $20.19. Independence Realty Trust has a 12 month low of $15.27 and a 12 month high of $22.26.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. On average, equities analysts predict that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Insider Transactions at Independence Realty Trust

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of the company’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $21.21, for a total transaction of $212,100.00. Following the sale, the chief executive officer now directly owns 873,365 shares of the company’s stock, valued at $18,524,071.65. This represents a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.58% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Independence Realty Trust

Several large investors have recently modified their holdings of IRT. Blue Zone Wealth Advisors LLC boosted its holdings in Independence Realty Trust by 18.9% in the 1st 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 during the period. Fulton Bank N.A. lifted 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 acquiring an additional 1,731 shares in the last quarter. Aurora Investment Managers LLC. boosted its holdings in shares of Independence Realty Trust by 1.4% in the first quarter. Aurora Investment Managers LLC. now owns 183,828 shares of the real estate investment trust’s stock worth $3,903,000 after acquiring an additional 2,570 shares during the period. GAMMA Investing LLC grew its position in shares of Independence Realty Trust by 1,991.6% in the first quarter. GAMMA Investing LLC now owns 36,749 shares of the real estate investment trust’s stock valued at $7,800,000 after purchasing an additional 34,992 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of Independence Realty Trust by 1.3% during the 4th quarter. California State Teachers Retirement System now owns 215,662 shares of the real estate investment trust’s stock valued at $4,279,000 after purchasing an additional 2,688 shares during the period. Hedge funds and other institutional investors own 88.25% of the company’s stock.

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.