Independence Realty Trust (NYSE:IRT) Stock Gets Price Target Bump from UBS Group

Key Points

• UBS raised its price target on Independence Realty Trust from $17 to $18 and maintained a Buy rating, implying 19.72% upside from the prior close.
• Analysts overall give the stock a Moderate Buy consensus, with a $19.50 average price target.
• The REIT reported quarterly EPS of $0.11, below the $0.29 consensus estimate, while revenue of $171.96 million slightly exceeded expectations.

Independence Realty Trust (NYSE:IRT - Get Free Report) had its target price increased by stock analysts at UBS Group from $17.00 to $18.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the real estate investment trust's stock. UBS Group's price objective points to a potential upside of 19.72% from the stock's previous close.

Other equities research analysts also recently issued reports about the company. Royal Bank Of Canada raised their target price on Independence Realty Trust from $18.00 to $19.00 and gave the company an "outperform" rating in a report on Wednesday, August 5th. Citizens Jmp reissued a "market outperform" rating and issued a $22.00 price objective on shares of Independence Realty Trust in a report on Thursday, September 10th. Wells Fargo & Company decreased their price target on shares of Independence Realty Trust from $19.00 to $18.00 and set an "overweight" rating for the company in a report on Monday, October 19th. Wall Street Zen raised Independence Realty Trust from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Jefferies Financial Group raised shares of Independence Realty Trust to a "strong-buy" rating in a report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $19.50.

Independence Realty Trust Trading Down 0.2%

NYSE:IRT traded down $0.04 on Tuesday, hitting $15.04. 1,928,482 shares of the stock were exchanged, compared to its average volume of 2,957,105. The stock has a market cap of $3.55 billion, a PE ratio of 57.71 and a beta of 0.90. The stock has a fifty day moving average of $15.00 and a 200-day moving average of $16.02. Independence Realty Trust has a fifty-two week low of $14.33 and a fifty-two week high of $17.79.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its earnings results on Monday, November 2nd. The real estate investment trust reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.18). The firm had revenue of $171.96 million for the quarter, compared to analysts' expectations of $171.43 million. Independence Realty Trust had a return on equity of 1.75% and a net margin of 9.19%. During the same quarter in the previous year, the firm posted $0.29 EPS. As a group, analysts predict that Independence Realty Trust will post 1.14 earnings per share for the current year.

Institutional Investors Weigh In On Independence Realty Trust

Several large investors have recently modified their holdings of the business. Global Retirement Partners LLC increased its holdings in shares of Independence Realty Trust by 1,459.9% during the 3rd quarter. Global Retirement Partners LLC now owns 85,842 shares of the real estate investment trust's stock worth $1,247,000 after acquiring an additional 80,339 shares during the last quarter. Hantz Financial Services Inc. boosted its stake in Independence Realty Trust by 13.5% in the 3rd quarter. Hantz Financial Services Inc. now owns 93,570 shares of the real estate investment trust's stock valued at $1,360,000 after purchasing an additional 11,096 shares during the period. Aberdeen Group plc lifted its holdings in shares of Independence Realty Trust by 6.1% during the third quarter. Aberdeen Group plc now owns 100,817 shares of the real estate investment trust's stock worth $1,465,000 after buying an additional 5,773 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Independence Realty Trust by 14.8% during the third quarter. Fisher Asset Management LLC now owns 1,531,036 shares of the real estate investment trust's stock worth $22,246,000 after buying an additional 197,307 shares in the last quarter. Finally, Aew Capital Management Inc. acquired a new stake in shares of Independence Realty Trust during the third quarter worth $1,116,000. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc. is a real estate investment trust (REIT) that owns and operates multifamily apartment communities in U.S. markets. Its business centers on providing rental housing and managing residential properties. The company focuses on apartment communities in non-gateway markets, with a portfolio concentrated in regions including the Southeast, Midwest and Mid-Atlantic. Its properties offer apartment homes and resident amenities. Founded in 2009, Independence Realty Trust became publicly traded on the New York Stock Exchange in 2013.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.