Independence Realty Trust, Inc. (NYSE:IRT) Receives $21.69 Consensus Target Price from Brokerages

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have received a consensus recommendation of “Moderate Buy” from the eleven research firms that are presently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $21.7222.

A number of research firms recently issued reports on IRT. Weiss Ratings reissued a “hold (c)” rating on shares of Independence Realty Trust in a research report on Monday, December 29th. Colliers Securities downgraded Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research note on Thursday, December 4th. KeyCorp reduced their price target on Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, December 4th. UBS Group increased their price objective on Independence Realty Trust from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Wall Street Zen lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st.

Hedge Funds Weigh In On Independence Realty Trust

Several hedge funds have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC lifted its position in shares of Independence Realty Trust by 14.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,407 shares of the real estate investment trust’s stock worth $391,000 after buying an additional 2,900 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Independence Realty Trust by 157.0% in the 4th quarter. GAMMA Investing LLC now owns 4,200 shares of the real estate investment trust’s stock valued at $73,000 after acquiring an additional 2,566 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Independence Realty Trust by 6.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,106,225 shares of the real estate investment trust’s stock worth $34,521,000 after purchasing an additional 123,274 shares during the last quarter. Triumph Capital Management acquired a new stake in Independence Realty Trust in the 3rd quarter worth approximately $151,000. Finally, Swiss Life Asset Management Ltd bought a new stake in Independence Realty Trust during the third quarter worth approximately $182,000. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Price Performance

NYSE IRT opened at $17.32 on Friday. The firm has a market capitalization of $4.14 billion, a price-to-earnings ratio of 173.17, a price-to-earnings-growth ratio of 2.26 and a beta of 1.00. The company has a 50 day simple moving average of $16.93 and a 200-day simple moving average of $17.01. Independence Realty Trust has a 52-week low of $15.06 and a 52-week high of $21.86.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). The company had revenue of $167.14 million during the quarter, compared to analyst estimates 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 quarter in the prior year, the company posted $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. On average, analysts predict that Independence Realty Trust will post 1.19 EPS for the current year.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 23rd. Investors of record on Wednesday, December 31st will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Wednesday, December 31st. Independence Realty Trust’s payout ratio is presently 680.00%.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.