Analysts Set Independence Realty Trust, Inc. (NYSE:IRT) PT at $22.13

Key Points

• Independence Realty Trust, Inc. (NYSE: IRT) has received a consensus rating of "Moderate Buy" from analysts, with six out of eight firms issuing a buy rating.
• The average one-year price target for the stock is $22.12, although analysts have varied price projections, with some estimating targets as low as $20.00.
• The company reported earnings of $0.28 per share for the last quarter, matching analyst expectations, and has set a guidance for FY 2025 EPS between 1.195 and 1.215.

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) has been assigned an average rating of "Moderate Buy" from the seven ratings firms that are presently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $22.1429.

Several equities research analysts have commented on the stock. Wells Fargo & Company cut their target price on shares of Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating for the company in a research report on Wednesday, August 27th. Wall Street Zen cut shares of Independence Realty Trust from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. Compass Point raised shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $22.00 to $24.00 in a report on Thursday, July 31st. UBS Group lowered their target price on shares of Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, July 15th. Finally, Barclays dropped their target price on Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 12th.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock traded up $0.35 on Friday, reaching $17.73. 1,809,336 shares of the company traded hands, compared to its average volume of 2,288,039. The company has a 50 day moving average of $17.44 and a 200 day moving average of $18.66. Independence Realty Trust has a 52 week low of $16.59 and a 52 week high of $22.26. The firm has a market capitalization of $4.15 billion, a PE ratio of 147.75, a PEG ratio of 2.39 and a beta of 0.96.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, meeting the consensus estimate of $0.28. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.The business had revenue of $161.89 million for the quarter, compared to the consensus estimate of $164.78 million. During the same quarter in the prior year, the business earned $0.28 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. As a group, analysts anticipate that Independence Realty Trust will post 1.19 earnings per share for the current year.

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.68 dividend on an annualized basis and a yield of 3.8%. Independence Realty Trust's dividend payout ratio is 566.67%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Independence Realty Trust by 1.7% in the first quarter. Vanguard Group Inc. now owns 32,806,493 shares of the real estate investment trust's stock worth $696,482,000 after buying an additional 554,729 shares in the last quarter. Wellington Management Group LLP increased its holdings in Independence Realty Trust by 1.3% during the 1st quarter. Wellington Management Group LLP now owns 13,570,175 shares of the real estate investment trust's stock worth $288,095,000 after acquiring an additional 171,228 shares during the period. Alliancebernstein L.P. increased its holdings in Independence Realty Trust by 0.3% during the 2nd quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust's stock worth $161,678,000 after acquiring an additional 30,701 shares during the period. Jennison Associates LLC lifted its stake in Independence Realty Trust by 12.9% in the 2nd quarter. Jennison Associates LLC now owns 6,926,454 shares of the real estate investment trust's stock worth $122,529,000 after purchasing an additional 789,515 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Independence Realty Trust by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 6,190,693 shares of the real estate investment trust's stock valued at $109,524,000 after purchasing an additional 138,817 shares during the period. Hedge funds and other institutional investors own 88.25% of the company's stock.

About Independence Realty Trust

Independence Realty Trust, Inc NYSE: IRT is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.