Independence Realty Trust (NYSE:IRT) Cut to “Hold” at Colliers Securities

Colliers Securities lowered shares of Independence Realty Trust (NYSE:IRT) from a moderate buy rating to a hold rating in a research note published on Thursday morning,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Barclays raised their target price on Independence Realty Trust from $20.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, November 25th. Wells Fargo & Company reduced their price objective on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 27th. Weiss Ratings reissued a “hold (c)” rating on shares of Independence Realty Trust in a research note on Tuesday. KeyCorp dropped their target price on shares of Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday. Finally, UBS Group decreased their price target on shares of Independence Realty Trust from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, November 10th. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and an average target price of $21.56.

Independence Realty Trust Stock Down 1.3%

IRT stock opened at $16.53 on Thursday. The company’s 50-day moving average price is $16.40 and its two-hundred day moving average price is $17.18. The firm has a market cap of $3.95 billion, a P/E ratio of 165.27, a P/E/G ratio of 2.29 and a beta of 1.01. Independence Realty Trust has a 12 month low of $15.06 and a 12 month high of $21.89.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The firm had revenue of $167.14 million for the quarter, compared to the consensus estimate of $168.31 million. Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.During the same period last year, the company posted $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. Equities analysts predict that Independence Realty Trust will post 1.19 EPS for the current year.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th were issued 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 was Tuesday, September 30th. Independence Realty Trust’s payout ratio is 680.00%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IRT. Natixis Advisors LLC grew its holdings in Independence Realty Trust by 2.5% during the 1st quarter. Natixis Advisors LLC now owns 106,901 shares of the real estate investment trust’s stock worth $2,270,000 after acquiring an additional 2,585 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Independence Realty Trust by 1.7% during the first quarter. Vanguard Group Inc. now owns 32,806,493 shares of the real estate investment trust’s stock worth $696,482,000 after purchasing an additional 554,729 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Independence Realty Trust by 1.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,618,723 shares of the real estate investment trust’s stock worth $76,825,000 after purchasing an additional 57,108 shares during the period. Deutsche Bank AG grew its stake in shares of Independence Realty Trust by 44.2% in the first quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust’s stock worth $103,535,000 after purchasing an additional 1,495,132 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Independence Realty Trust in the first quarter valued at $53,000. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.