Independence Realty Trust Price Target Increased to $10.75 by Analysts at Wunderlich (IRT)
Stock analysts at Wunderlich lifted their price objective on shares of Independence Realty Trust (NYSE:IRT) from $9.75 to $10.75 in a report issued on Monday. The firm currently has a “buy” rating on the stock. Wunderlich’s price target suggests a potential upside of 10.82% from the company’s current price.
The analysts wrote, “We are raising our price target on Independence Realty Trust (IRT) as management continues to execute on a business model that is successfully navigating a challenging multifamily environment for small cap REITs from a cost of capital perspective. IRT is an externally managed apartment REIT with a focus on secondary apartment markets where IRT management’s strategy is to acquire class-B multifamily assets below replacement cost. Initial cap rates continue to be in the 6.5%-7% range and can generally be financed at about 4%. IRT has a clear runway to growth, in our opinion, given management’s capacity to leverage relationships within its RAIT Financial Trust (RAS-NR) network to source accretive acquisitions to the REIT and build NAV.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Independence Realty Trust in a research note on Tuesday, July 29th. They now have a $11.00 price target on the stock. Separately, analysts at Compass Point reiterated a “buy” rating on shares of Independence Realty Trust in a research note on Tuesday, July 29th. They now have a $11.50 price target on the stock, up previously from $10.50. Finally, analysts at JMP Securities raised their price target on shares of Independence Realty Trust from $9.50 to $10.50 in a research note on Tuesday, July 29th. They now have a “market outperform” rating on the stock. Five investment analysts have rated the stock with a buy rating, Independence Realty Trust presently has a consensus rating of “Buy” and a consensus target price of $10.70.
In other Independence Realty Trust news, major shareholder Rait Financial Trust bought 300,000 shares of the company’s stock on the open market in a transaction dated Monday, July 21st. The stock was purchased at an average price of $9.50 per share, for a total transaction of $2,850,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.
Independence Realty Trust (NYSE:IRT) remained flat at $9.70 during trading on Monday. The stock had a trading volume of 18,562 shares. Independence Realty Trust has a 52 week low of $7.90 and a 52 week high of $10.84. The stock’s 50-day moving average is $9.69 and its 200-day moving average is $9.01.
Independence Realty Trust (NYSE:IRT) last released its earnings data on Friday, August 1st. The company reported $0.19 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.20 by $0.01. The company had revenue of $11.60 million for the quarter, compared to the consensus estimate of $11.95 million. Analysts expect that Independence Realty Trust will post $0.79 EPS for the current fiscal year.
The company also recently declared a monthly dividend, which is scheduled for Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.06 per share. This represents a $0.72 dividend on an annualized basis and a yield of 7.42%. The ex-dividend date of this dividend is Friday, September 26th.
Independence Realty Trust, Inc, is a real estate investment trust (NYSE:IRT).
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