Independence Realty Trust, Inc. (NYSE:IRT) Receives Consensus Rating of “Hold” from Analysts

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been assigned a consensus rating of “Hold” from the eleven brokerages that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $20.0625.

A number of research analysts recently weighed in on the company. UBS Group reduced their target price on Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, May 14th. Zacks Research upgraded Independence Realty Trust from a “strong sell” rating to a “hold” rating in a report on Monday, March 23rd. Weiss Ratings cut Independence Realty Trust from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday. Wall Street Zen cut Independence Realty Trust from a “sell” rating to a “strong sell” rating in a report on Saturday, May 2nd. Finally, Wells Fargo & Company boosted their price objective on Independence Realty Trust from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, June 1st.

Independence Realty Trust Stock Up 0.1%

IRT stock opened at $16.63 on Monday. Independence Realty Trust has a 52-week low of $14.60 and a 52-week high of $18.74. The stock’s fifty day simple moving average is $15.95 and its 200-day simple moving average is $16.45. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 83.15, a price-to-earnings-growth ratio of 1.85 and a beta of 0.96.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Wednesday, April 29th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.23. Independence Realty Trust had a return on equity of 1.35% and a net margin of 7.27%.The business had revenue of $165.32 million for the quarter, compared to analysts’ expectations of $166.35 million. During the same quarter last year, the firm earned $0.27 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. Independence Realty Trust has set its FY 2026 guidance at 1.120-1.160 EPS. As a group, analysts anticipate that Independence Realty Trust will post 1.14 earnings per share for the current fiscal year.

Independence Realty Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be paid a dividend of $0.18 per share. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Friday, June 26th. Independence Realty Trust’s payout ratio is presently 360.00%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IRT. JPMorgan Chase & Co. increased its holdings in Independence Realty Trust by 6.2% in the third quarter. JPMorgan Chase & Co. now owns 2,106,225 shares of the real estate investment trust’s stock valued at $34,521,000 after buying an additional 123,274 shares during the last quarter. Argosy Lionbridge Management LLC bought a new stake in Independence Realty Trust in the third quarter valued at about $12,209,000. Vanguard Group Inc. increased its holdings in Independence Realty Trust by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 33,235,002 shares of the real estate investment trust’s stock valued at $580,948,000 after buying an additional 250,549 shares during the last quarter. Geode Capital Management LLC increased its holdings in Independence Realty Trust by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 6,445,967 shares of the real estate investment trust’s stock valued at $112,690,000 after buying an additional 148,449 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its holdings in Independence Realty Trust by 1,767.5% in the fourth quarter. Teacher Retirement System of Texas now owns 571,568 shares of the real estate investment trust’s stock valued at $9,991,000 after buying an additional 540,962 shares during the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.

About Independence Realty Trust

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.