Independence Realty Trust (NYSE:IRT) Given New $18.00 Price Target at Barclays

Independence Realty Trust (NYSE:IRT) had its price target lowered by Barclays from $21.00 to $18.00 in a research note released on Friday,Benzinga reports. The firm currently has an equal weight rating on the real estate investment trust’s stock.

Several other research analysts have also issued reports on IRT. Colliers Securities lowered Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research report on Thursday, December 4th. Wells Fargo & Company reduced their price target on Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday. Zacks Research lowered Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Citigroup restated an “outperform” rating on shares of Independence Realty Trust in a report on Friday, January 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a research note on Monday, December 29th. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and an average price target of $20.95.

Independence Realty Trust Stock Performance

IRT stock traded down $0.14 during mid-day trading on Friday, reaching $16.51. 2,546,778 shares of the stock traded hands, compared to its average volume of 3,277,369. Independence Realty Trust has a one year low of $15.06 and a one year high of $21.67. The stock has a market capitalization of $3.92 billion, a PE ratio of 68.79, a PEG ratio of 2.10 and a beta of 0.99. The business has a 50-day moving average price of $16.85 and a two-hundred day moving average price of $16.82.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. The firm had revenue of $167.13 million during the quarter, compared to analyst estimates of $170.26 million. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the business earned $0.32 EPS. On average, equities analysts expect that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 23rd. Stockholders of record on Wednesday, December 31st were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Wednesday, December 31st. Independence Realty Trust’s payout ratio is currently 283.33%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Solstein Capital LLC bought a new stake in Independence Realty Trust during the 3rd quarter valued at $25,000. Danske Bank A S bought a new position in shares of Independence Realty Trust during the 3rd quarter worth $26,000. First Horizon Corp purchased a new position in shares of Independence Realty Trust during the third quarter valued at $27,000. SHP Wealth Management bought a new stake in shares of Independence Realty Trust in the fourth quarter valued at about $30,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of Independence Realty Trust by 70.3% in the fourth quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 747 shares in the last quarter. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

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.