Independence Realty Trust (NYSE:IRT) Stock Gets Price Target Cut from Wells Fargo & Company

Key Points

• Wells Fargo lowered Independence Realty Trust’s price target from $19 to $18 while maintaining an “overweight” rating, implying approximately 23.84% upside from the stock’s $14.54 price.
• Analyst sentiment remains positive overall, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $19.39.
• Independence Realty Trust reported quarterly EPS of $0.01, missing the $0.27 consensus estimate, although revenue rose 3.2% year over year to $167.24 million; institutional investors own 88.25% of the shares.

Independence Realty Trust (NYSE:IRT - Get Free Report) had its target price lowered by Wells Fargo & Company from $19.00 to $18.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the real estate investment trust's stock. Wells Fargo & Company's price target would indicate a potential upside of 23.84% from the company's current price.

Several other analysts have also recently commented on IRT. Royal Bank Of Canada raised their price target on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. UBS Group dropped their price objective on shares of Independence Realty Trust from $18.00 to $17.00 and set a "buy" rating on the stock in a research note on Wednesday. Jefferies Financial Group upgraded shares of Independence Realty Trust to a "strong-buy" rating in a research note on Wednesday, July 22nd. Wall Street Zen upgraded shares of Independence Realty Trust from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 15th. Finally, Citigroup reissued a "market outperform" rating on shares of Independence Realty Trust in a research note on Thursday, September 10th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $19.39.

Independence Realty Trust Stock Performance

NYSE:IRT traded down $0.23 during trading hours on Monday, hitting $14.54. 519,959 shares of the company's stock traded hands, compared to its average volume of 2,922,885. The firm has a market cap of $3.43 billion, a P/E ratio of 80.81 and a beta of 0.96. Independence Realty Trust has a twelve month low of $14.33 and a twelve month high of $17.79. The stock's fifty day moving average price is $15.55 and its two-hundred day moving average price is $16.07.

Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.26). Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%. The business had revenue of $167.24 million during the quarter, compared to analysts' expectations of $166.93 million. During the same period in the prior year, the company posted $0.28 earnings per share. The firm's revenue was up 3.2% on a year-over-year basis. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. On average, equities research 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 institutional investors have recently made changes to their positions in the company. Robertson Stephens Wealth Management LLC bought a new position in Independence Realty Trust in the 3rd quarter worth $181,000. B. Riley Wealth Advisors Inc. bought a new stake in Independence Realty Trust during the third quarter valued at about $299,000. Congress Asset Management Co. boosted its holdings in Independence Realty Trust by 21.4% during the third quarter. Congress Asset Management Co. now owns 1,216,370 shares of the real estate investment trust's stock valued at $17,674,000 after acquiring an additional 214,192 shares during the period. Sequoia Financial Advisors LLC boosted its holdings in Independence Realty Trust by 34.1% during the second quarter. Sequoia Financial Advisors LLC now owns 20,946 shares of the real estate investment trust's stock valued at $350,000 after acquiring an additional 5,322 shares during the period. Finally, Integrated Wealth Concepts LLC grew its position in shares of Independence Realty Trust by 5.4% in the second quarter. Integrated Wealth Concepts LLC now owns 25,848 shares of the real estate investment trust's stock valued at $431,000 after purchasing an additional 1,318 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.

About Independence Realty Trust

Independence Realty Trust, Inc is a real estate investment trust that owns, operates and manages multifamily apartment communities in the United States. The company focuses primarily on well-located properties in the Sun Belt and other attractive growth markets, serving residents seeking conventional apartment housing.

Its portfolio includes apartment communities with a range of unit types and resident amenities. Independence Realty Trust's activities include leasing and managing properties, maintaining and improving communities, and pursuing acquisitions, dispositions and renovation initiatives intended to support the long-term performance of its residential portfolio.

Founded in 2009, the company has expanded through portfolio growth and strategic transactions, including its combination with Steadfast Apartment REIT in 2022.

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