Independence Realty Trust, Inc. (NYSE:IRT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been given a consensus rating of “Moderate Buy” by the nine analysts that are currently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $21.5625.

IRT has been the subject of a number of research reports. Barclays upped their price objective on shares of Independence Realty Trust from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 25th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Independence Realty Trust in a research report on Monday, December 8th. UBS Group cut their price objective 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. Wall Street Zen lowered Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Finally, KeyCorp dropped their target price on Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, December 4th.

Institutional Investors Weigh In On Independence Realty Trust

Institutional investors have recently added to or reduced their stakes in the stock. IFM Investors Pty Ltd raised its holdings in Independence Realty Trust by 1.7% in the third quarter. IFM Investors Pty Ltd now owns 37,925 shares of the real estate investment trust’s stock worth $627,000 after purchasing an additional 628 shares in the last quarter. Perigon Wealth Management LLC boosted its holdings in shares of Independence Realty Trust by 5.6% in the 3rd quarter. Perigon Wealth Management LLC now owns 12,357 shares of the real estate investment trust’s stock valued at $203,000 after buying an additional 658 shares in the last quarter. Brooklyn Investment Group grew its position in shares of Independence Realty Trust by 131.4% in the 1st quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 712 shares during the last quarter. Huntington National Bank raised its stake in shares of Independence Realty Trust by 46.4% during the 3rd quarter. Huntington National Bank now owns 2,289 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 725 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its stake in shares of Independence Realty Trust by 1.0% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 73,270 shares of the real estate investment trust’s stock worth $1,296,000 after acquiring an additional 759 shares in the last quarter. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Down 0.6%

Shares of NYSE IRT opened at $16.92 on Monday. Independence Realty Trust has a twelve month low of $15.06 and a twelve month high of $21.89. The firm has a market cap of $4.04 billion, a PE ratio of 169.17, a price-to-earnings-growth ratio of 2.34 and a beta of 1.01. The business has a fifty day simple moving average of $16.43 and a two-hundred day simple moving average of $17.12.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share (EPS) 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 in the previous year, the company posted $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. On average, research analysts expect that Independence Realty Trust will post 1.19 earnings per share for the current year.

About Independence Realty Trust

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.