Independence Realty Trust, Inc. (NYSE:IRT) Receives $20.61 Average PT from Brokerages

Independence Realty Trust, Inc. (NYSE:IRT) has been given a consensus recommendation of “Moderate Buy” by the twelve analysts that are covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $20.6111.

A number of brokerages recently issued reports on IRT. Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a research report on Monday, December 29th. Deutsche Bank Aktiengesellschaft downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 price target on the stock. in a research report on Tuesday, January 20th. Wall Street Zen lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Sunday, February 22nd. BMO Capital Markets upgraded shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $20.00 to $22.00 in a report on Friday, January 9th. Finally, Citigroup reiterated an “outperform” rating on shares of Independence Realty Trust in a research note on Friday, January 9th.

Institutional Trading of Independence Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of IRT. NewEdge Advisors LLC acquired a new stake in shares of Independence Realty Trust in the first quarter valued at $209,000. Goldman Sachs Group Inc. grew its holdings in Independence Realty Trust by 16.7% during the first quarter. Goldman Sachs Group Inc. now owns 2,935,487 shares of the real estate investment trust’s stock worth $62,320,000 after acquiring an additional 420,682 shares during the period. SG Americas Securities LLC raised its position in Independence Realty Trust by 197.9% in the second quarter. SG Americas Securities LLC now owns 31,872 shares of the real estate investment trust’s stock worth $564,000 after acquiring an additional 21,174 shares in the last quarter. Cetera Investment Advisers raised its position in Independence Realty Trust by 1.6% in the second quarter. Cetera Investment Advisers now owns 272,052 shares of the real estate investment trust’s stock worth $4,813,000 after acquiring an additional 4,392 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd lifted its holdings in Independence Realty Trust by 14.6% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 24,600 shares of the real estate investment trust’s stock valued at $435,000 after acquiring an additional 3,134 shares during the last quarter. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

IRT opened at $14.78 on Wednesday. The stock’s 50 day moving average price is $16.32 and its 200 day moving average price is $16.60. The stock has a market cap of $3.48 billion, a P/E ratio of 61.56, a P/E/G ratio of 1.67 and a beta of 0.99. Independence Realty Trust has a 12 month low of $14.68 and a 12 month high of $21.56.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.32. The company had revenue of $167.13 million during the quarter, compared to analyst estimates of $170.26 million. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.32 EPS. Equities analysts anticipate 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 will be paid on Friday, April 17th. Shareholders of record on Friday, March 27th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Friday, March 27th. Independence Realty Trust’s dividend payout ratio (DPR) is presently 283.33%.

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.