Independence Realty Trust, Inc. (NYSE:IRT) Stock Has Average Price Target of $19.72 According to Brokerages

Independence Realty Trust, Inc. (NYSE:IRT) has been given a consensus rating of “Moderate Buy” by the thirteen brokerages that are presently covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $19.72.

A number of equities research analysts have weighed in on IRT shares. Wall Street Zen raised Independence Realty Trust from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. Weiss Ratings upgraded Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Citigroup reaffirmed a “market outperform” rating on shares of Independence Realty Trust in a research note on Thursday, September 10th. Barclays raised Independence Realty Trust from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $19.00 to $20.00 in a research note on Tuesday, July 14th. Finally, Citizens Jmp reiterated a “market outperform” rating and issued a $22.00 price target on shares of Independence Realty Trust in a research report on Thursday, September 10th.

Independence Realty Trust Stock Performance

Shares of Independence Realty Trust stock opened at $14.84 on Friday. The firm’s 50-day simple moving average is $15.70 and its 200-day simple moving average is $16.08. Independence Realty Trust has a twelve month low of $14.33 and a twelve month high of $17.79. The firm has a market cap of $3.50 billion, a P/E ratio of 12.89 and a beta of 0.96.

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

Independence Realty Trust Announces Dividend

The company also recently declared 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. The ex-dividend date is Wednesday, September 30th. This represents a $0.72 dividend on an annualized basis and a yield of 4.9%. Independence Realty Trust’s payout ratio is 400.00%.

Institutional Trading of Independence Realty Trust

Several large investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. bought a new stake in shares of Independence Realty Trust during the third quarter worth $299,000. Congress Asset Management Co. raised its holdings in shares of Independence Realty Trust by 21.4% in the third quarter. Congress Asset Management Co. now owns 1,216,370 shares of the real estate investment trust’s stock valued at $17,674,000 after buying an additional 214,192 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in Independence Realty Trust by 34.1% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,946 shares of the real estate investment trust’s stock worth $350,000 after buying an additional 5,322 shares in the last quarter. Integrated Wealth Concepts LLC lifted its position in Independence Realty Trust by 5.4% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 25,848 shares of the real estate investment trust’s stock worth $431,000 after buying an additional 1,318 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its position in Independence Realty Trust by 2,201.1% during the 2nd quarter. Squarepoint Ops LLC now owns 981,897 shares of the real estate investment trust’s stock worth $16,388,000 after buying an additional 939,226 shares in the last quarter. 88.25% of the stock is owned by institutional investors.

About Independence Realty Trust

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.