Independence Realty Trust, Inc. (NYSE:IRT) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• Analysts assign Independence Realty Trust a consensus "Moderate Buy" rating (7 buys, 5 holds) with an average 12‑month price target of $20.61.
• The company pays a quarterly dividend of $0.17 (annualized $0.68) for a 4.2% yield283.33%.
• Institutional investors own about 88.25% of the shares, with recent net inflows and position increases from firms such as JPMorgan, Pacer Advisors and Argosy Lionbridge.

Shares of Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the twelve brokerages that are presently covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $20.6111.

A number of research analysts have issued reports on the company. Wells Fargo & Company reduced their price objective on Independence Realty Trust from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, March 5th. Wall Street Zen downgraded Independence Realty Trust from a "hold" rating to a "sell" rating in a research note on Sunday, February 22nd. Zacks Research upgraded Independence Realty Trust from a "strong sell" rating to a "hold" rating in a research note on Monday, March 23rd. Deutsche Bank Aktiengesellschaft cut 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. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Independence Realty Trust in a research report on Friday, March 27th.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. purchased a new position in shares of Independence Realty Trust during the 3rd quarter valued at $857,000. JPMorgan Chase & Co. lifted its position in shares of Independence Realty Trust by 6.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,106,225 shares of the real estate investment trust's stock valued at $34,521,000 after buying an additional 123,274 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Independence Realty Trust by 329.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 268,335 shares of the real estate investment trust's stock valued at $4,398,000 after buying an additional 205,869 shares during the last quarter. Argosy Lionbridge Management LLC purchased a new position in shares of Independence Realty Trust during the 3rd quarter valued at $12,209,000. Finally, Hantz Financial Services Inc. lifted its position in shares of Independence Realty Trust by 3,483.0% during the 3rd quarter. Hantz Financial Services Inc. now owns 66,967 shares of the real estate investment trust's stock valued at $1,098,000 after buying an additional 65,098 shares during the last quarter. Hedge funds and other institutional investors own 88.25% of the company's stock.

Independence Realty Trust Price Performance

Shares of NYSE:IRT opened at $16.15 on Friday. The company has a market capitalization of $3.81 billion, a PE ratio of 67.30, a price-to-earnings-growth ratio of 1.75 and a beta of 1.00. The business has a fifty day moving average price of $15.90 and a two-hundred day moving average price of $16.42. Independence Realty Trust has a 1 year low of $14.60 and a 1 year high of $19.94.

Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.32. The firm had revenue of $167.13 million during the quarter, compared to the consensus estimate of $170.26 million. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The business's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 EPS. Sell-side analysts anticipate that Independence Realty Trust will post 1.19 earnings per share for the current year.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, March 27th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, March 27th. Independence Realty Trust's dividend payout ratio is currently 283.33%.

Independence Realty Trust Company Profile

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.

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