Independence Realty Trust, Inc. (NYSE:IRT) Stock Has Consensus Target Price of $19.72 According to Analysts

Key Points

• Analyst sentiment is moderately bullish: Thirteen analysts give Independence Realty Trust a consensus “Moderate Buy” rating, with an average 12-month price target of $19.72 versus the reported share price of $14.76.
• Quarterly earnings fell short of expectations: IRT reported $0.01 in EPS, missing the $0.27 consensus estimate, although revenue rose 3.2% year over year to $167.24 million. Analysts forecast about $1.14 in EPS for the full fiscal year.
• The REIT offers a sizable dividend: The company declared a quarterly dividend of $0.18 per share, or $0.72 annually, representing a 4.9% yield; institutional investors own 88.25% of the stock.

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) has earned an average recommendation of "Moderate Buy" from the thirteen ratings firms that are currently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $19.72.

IRT has been the subject of a number of research analyst reports. Jefferies Financial Group raised Independence Realty Trust to a "strong-buy" rating in a research report on Wednesday, July 22nd. Wall Street Zen raised Independence Realty Trust from a "strong sell" rating to a "sell" rating in a report on Saturday, August 15th. Royal Bank Of Canada increased their target price on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 5th. Citigroup reiterated a "market outperform" rating on shares of Independence Realty Trust in a research note on Thursday, September 10th. Finally, Barclays raised shares of Independence Realty Trust from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $19.00 to $20.00 in a research report on Tuesday, July 14th.

Independence Realty Trust Stock Performance

IRT stock opened at $14.76 on Friday. The business has a 50-day simple moving average of $15.78 and a two-hundred day simple moving average of $16.07. Independence Realty Trust has a 52-week low of $14.33 and a 52-week high of $17.79. The company has a market capitalization of $3.48 billion, a P/E ratio of 81.97 and a beta of 0.96.

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

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $0.72 dividend on an annualized basis and a yield of 4.9%. Independence Realty Trust's payout ratio is presently 400.00%.

Hedge Funds Weigh In On Independence Realty Trust

Hedge funds have recently made changes to their positions in the stock. SHP Wealth Management purchased a new stake in Independence Realty Trust during the 4th quarter worth about $30,000. Sunbelt Securities Inc. boosted its position in shares of Independence Realty Trust by 84.4% in the first quarter. Sunbelt Securities Inc. now owns 3,550 shares of the real estate investment trust's stock valued at $53,000 after acquiring an additional 1,625 shares during the period. Assetmark Inc. grew its stake in Independence Realty Trust by 73.2% during the first quarter. Assetmark Inc. now owns 3,630 shares of the real estate investment trust's stock valued at $54,000 after acquiring an additional 1,534 shares in the last quarter. State of Wyoming bought a new position in Independence Realty Trust in the 1st quarter valued at $62,000. Finally, Nykredit A S purchased a new position in shares of Independence Realty Trust during the 2nd quarter valued at $72,000. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Company Profile

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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