Independence Realty Trust, Inc. (NYSE:IRT) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts give Independence Realty Trust a “Moderate Buy” consensus: eight rate it a buy, four recommend holding, and one rates it a strong buy. The average 12-month price target is $19.72, above the reported $15.19 share price.
• The REIT’s latest quarterly results were mixed: revenue rose 3.2% year over year to $167.24 million and slightly exceeded estimates, but EPS of $0.01 missed expectations of $0.27. Analysts expect full-year EPS of approximately $1.14.
• Independence Realty Trust declared a quarterly dividend of $0.18, equal to an annualized $0.72 and a 4.7% yield. Institutional investors own 88.25% of the company’s stock.

Shares of Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the thirteen brokerages that are currently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $19.7222.

A number of equities analysts have recently weighed in on the company. UBS Group cut their target price on Independence Realty Trust from $19.00 to $18.00 and set a "buy" rating on the stock in a research note on Tuesday. Royal Bank Of Canada increased their price target on Independence Realty Trust from $18.00 to $19.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. Wall Street Zen upgraded Independence Realty Trust from a "strong sell" rating to a "sell" rating in a report on Saturday, August 15th. Jefferies Financial Group raised Independence Realty Trust to a "strong-buy" rating in a research report on Wednesday, July 22nd. Finally, Barclays upgraded Independence Realty Trust from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $19.00 to $20.00 in a research note on Tuesday, July 14th.

Hedge Funds Weigh In On Independence Realty Trust

Several institutional investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC increased 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 worth $350,000 after buying an additional 5,322 shares during the last quarter. Integrated Wealth Concepts LLC boosted its stake in 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 acquiring an additional 1,318 shares during the last quarter. Squarepoint Ops LLC boosted its stake in Independence Realty Trust by 2,201.1% in the second quarter. Squarepoint Ops LLC now owns 981,897 shares of the real estate investment trust's stock valued at $16,388,000 after acquiring an additional 939,226 shares during the last quarter. Baird Financial Group Inc. grew its position in shares of Independence Realty Trust by 47.6% during the 2nd quarter. Baird Financial Group Inc. now owns 20,631 shares of the real estate investment trust's stock valued at $344,000 after acquiring an additional 6,653 shares during the period. Finally, Allworth Financial LP grew its position in shares of Independence Realty Trust by 25.9% during the 2nd quarter. Allworth Financial LP now owns 5,778 shares of the real estate investment trust's stock valued at $96,000 after acquiring an additional 1,187 shares during the period. Institutional investors own 88.25% of the company's stock.

Independence Realty Trust Price Performance

IRT opened at $15.19 on Wednesday. Independence Realty Trust has a fifty-two week low of $14.60 and a fifty-two week high of $17.79. The firm has a market capitalization of $3.58 billion, a P/E ratio of 84.36 and a beta of 0.93. The company's 50-day moving average is $16.48 and its 200 day moving average is $16.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.26). The firm had revenue of $167.24 million during the quarter, compared to the consensus estimate of $166.93 million. Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%.The company's revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.28 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. On average, equities research analysts expect that Independence Realty Trust will post 1.14 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Wednesday, September 30th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Wednesday, September 30th. Independence Realty Trust's payout ratio is 400.00%.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc is a self-administered and self-managed real estate investment trust that owns, operates and acquires multifamily apartment communities. The company generates revenue primarily from residential rents and related fees, while focusing on providing housing in markets with favorable population and employment trends.

Independence Realty Trust's portfolio is concentrated primarily in the Sun Belt and other high-growth regions of the United States. Its communities serve a range of renters and typically include amenities such as swimming pools, fitness centers, clubhouses and outdoor recreation areas.

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.