Independence Realty Trust (NYSE:IRT) Stock Gets Price Target Trim from Barclays

Independence Realty Trust (NYSE:IRT) had its price objective reduced by Barclays from $20.00 to $19.00 in a research note issued to investors on Wednesday,Benzinga reports. Barclays currently has an overweight rating on the real estate investment trust’s stock.

Other analysts have also issued research reports about the company. Citizens Jmp restated a “market outperform” rating and issued a $22.00 target price on shares of Independence Realty Trust in a report on Thursday, September 10th. Jefferies Financial Group raised Independence Realty Trust to a “strong-buy” rating in a research report on Wednesday, July 22nd. Citigroup reiterated a “market outperform” rating on shares of Independence Realty Trust in a report on Thursday, September 10th. Wall Street Zen upgraded Independence Realty Trust from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. Finally, UBS Group dropped their price target on Independence Realty Trust from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, September 15th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Independence Realty Trust presently has an average rating of “Moderate Buy” and an average price target of $19.50.

Independence Realty Trust Price Performance

IRT stock opened at $14.75 on Wednesday. The firm has a market capitalization of $3.48 billion, a P/E ratio of 12.78 and a beta of 0.96. Independence Realty Trust has a 52-week low of $14.33 and a 52-week high of $17.79. The company’s 50 day simple moving average is $15.55 and its 200-day simple moving average is $16.06.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Monday, August 3rd. The real estate investment trust reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.26). Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%. The firm had revenue of $167.24 million during the quarter, compared to analyst estimates of $166.93 million. During the same period in the prior year, the business posted $0.28 EPS. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. Sell-side analysts predict that Independence Realty Trust will post 1.14 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Wednesday, September 30th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Independence Realty Trust’s dividend payout ratio is presently 400.00%.

Institutional Investors Weigh In On Independence Realty Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Independence Realty Trust during the 2nd quarter valued at about $601,975,000. Engineers Gate Manager LP increased its holdings in Independence Realty Trust by 16,719.4% in the fourth quarter. Engineers Gate Manager LP now owns 4,299,707 shares of the real estate investment trust’s stock worth $75,159,000 after buying an additional 4,274,143 shares during the last quarter. Rush Island Management LP acquired a new position in Independence Realty Trust in the first quarter worth approximately $51,462,000. Bank of America Corp DE bought a new position in Independence Realty Trust during the second quarter valued at approximately $35,737,000. Finally, Bank of New York Mellon Corp bought a new position in Independence Realty Trust during the second quarter valued at approximately $32,868,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc is a real estate investment trust that owns, operates and manages multifamily apartment communities in the United States. The company focuses primarily on well-located properties in the Sun Belt and other attractive growth markets, serving residents seeking conventional apartment housing.

Its portfolio includes apartment communities with a range of unit types and resident amenities. Independence Realty Trust’s activities include leasing and managing properties, maintaining and improving communities, and pursuing acquisitions, dispositions and renovation initiatives intended to support the long-term performance of its residential portfolio.

Founded in 2009, the company has expanded through portfolio growth and strategic transactions, including its combination with Steadfast Apartment REIT in 2022.