Independence Realty Trust, Inc. (NYSE:IRT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Independence Realty Trust, Inc. (NYSE:IRT) has received an average recommendation of “Moderate Buy” from the nine brokerages that are presently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $21.6875.

Several research analysts have commented on the stock. Barclays boosted their price target on shares of Independence Realty Trust from $20.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 25th. Colliers Securities downgraded shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research note on Thursday, December 4th. KeyCorp cut their price target on Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, December 4th. Wall Street Zen downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Finally, UBS Group upped their price objective on Independence Realty Trust from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday.

Institutional Trading of Independence Realty Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. increased its holdings in shares of Independence Realty Trust by 4.7% in the second quarter. Nomura Asset Management Co. Ltd. now owns 338,253 shares of the real estate investment trust’s stock valued at $5,984,000 after purchasing an additional 15,200 shares during the period. Pacer Advisors Inc. acquired a new position in Independence Realty Trust in the 3rd quarter valued at $857,000. Exchange Traded Concepts LLC raised its position in Independence Realty Trust by 329.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 268,335 shares of the real estate investment trust’s stock worth $4,398,000 after buying an additional 205,869 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Independence Realty Trust by 7.2% in the 2nd quarter. Janney Montgomery Scott LLC now owns 23,827 shares of the real estate investment trust’s stock worth $422,000 after acquiring an additional 1,590 shares during the period. Finally, Jane Street Group LLC boosted its holdings in shares of Independence Realty Trust by 387.3% in the first quarter. Jane Street Group LLC now owns 818,312 shares of the real estate investment trust’s stock valued at $17,373,000 after acquiring an additional 650,375 shares in the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

Shares of NYSE IRT opened at $17.51 on Friday. The company has a market cap of $4.19 billion, a price-to-earnings ratio of 175.07, a price-to-earnings-growth ratio of 2.25 and a beta of 1.00. The stock’s 50-day moving average is $16.90 and its two-hundred day moving average is $17.02. Independence Realty Trust has a 1-year low of $15.06 and a 1-year high of $21.86.

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

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 23rd. Investors of record on Wednesday, December 31st will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Wednesday, December 31st. Independence Realty Trust’s dividend payout ratio is 680.00%.

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.