Independence Realty Trust, Inc. (NYSE:IRT) Stock Has Consensus Target Price of $19.39 According to Brokerages

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have earned an average rating of “Moderate Buy” from the thirteen research firms that are currently covering the company, Marketbeat reports. Four analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $19.39.

Several brokerages have recently commented on IRT. Citizens Jmp reissued a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a report on Thursday, September 10th. Barclays dropped their target price on shares of Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, October 14th. Weiss Ratings reissued a “hold (c)” rating on shares of Independence Realty Trust in a research note on Tuesday. UBS Group decreased their price target on shares of Independence Realty Trust from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Wednesday, October 14th. Finally, Citigroup restated a “market outperform” rating on shares of Independence Realty Trust in a research report on Thursday, September 10th.

Independence Realty Trust Stock Performance

Shares of IRT stock opened at $14.99 on Thursday. The company has a market capitalization of $3.54 billion, a PE ratio of 57.68 and a beta of 0.90. Independence Realty Trust has a 52-week low of $14.33 and a 52-week high of $17.79. The business’s fifty day moving average is $15.03 and its 200 day moving average is $16.03.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Monday, November 2nd. The real estate investment trust reported $0.11 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.18). Independence Realty Trust had a return on equity of 1.75% and a net margin of 9.19%. The business had revenue of $171.96 million for the quarter, compared to analysts’ expectations of $171.43 million. During the same quarter in the previous year, the firm earned $0.29 earnings per share. On average, sell-side analysts forecast 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 was paid on Friday, October 23rd. Investors of record on Wednesday, September 30th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend was Wednesday, September 30th. Independence Realty Trust’s dividend payout ratio is currently 276.92%.

Institutional Investors Weigh In On Independence Realty Trust

A number of large investors have recently added to or reduced their stakes in the company. Hohimer Wealth Management LLC boosted its stake in Independence Realty Trust by 5.7% in the 3rd quarter. Hohimer Wealth Management LLC now owns 14,885 shares of the real estate investment trust’s stock worth $216,000 after buying an additional 805 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Independence Realty Trust by 25.9% during the 2nd quarter. Allworth Financial LP now owns 5,778 shares of the real estate investment trust’s stock worth $96,000 after acquiring an additional 1,187 shares during the period. Oregon Public Employees Retirement Fund boosted its position in shares of Independence Realty Trust by 2.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 48,563 shares of the real estate investment trust’s stock worth $723,000 after acquiring an additional 1,200 shares during the last quarter. Integrated Wealth Concepts LLC increased its position in Independence Realty Trust by 5.4% during the second quarter. Integrated Wealth Concepts LLC now owns 25,848 shares of the real estate investment trust’s stock worth $431,000 after purchasing an additional 1,318 shares during the last quarter. Finally, Taylor Frigon Capital Management LLC increased its position in Independence Realty Trust by 1.4% during the third quarter. Taylor Frigon Capital Management LLC now owns 97,982 shares of the real estate investment trust’s stock worth $1,424,000 after purchasing an additional 1,351 shares during the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

About Independence Realty Trust

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns, operates and acquires multifamily apartment communities in the United States. The company focuses on providing rental housing, with properties generally located in markets that offer population growth, employment opportunities and attractive long-term housing demand.

IRT’s portfolio is concentrated primarily in the Southeast and other select U.S. growth markets, including communities in states such as Georgia, North Carolina, South Carolina, Tennessee, Florida, Texas and Colorado.