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

Key Points

• Independence Realty Trust, Inc. (NYSE:IRT) has received a consensus rating of "Moderate Buy" from seven brokerages, with two holding a "hold" recommendation and five giving a buy recommendation.
• The firm recently announced a quarterly dividend of $0.17 per share, representing an annualized dividend of $0.68 and a dividend yield of 4.1%.
• Institutional investors hold 88.25% of Independence Realty Trust's stock, indicating strong support from large investors in the real estate investment trust.

Shares of Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) have earned an average recommendation of "Moderate Buy" from the seven brokerages that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $22.1429.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IRT. Long Pond Capital LP raised its position in Independence Realty Trust by 564.5% in the second quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust's stock worth $97,304,000 after acquiring an additional 4,672,690 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in Independence Realty Trust during the second quarter valued at approximately $30,368,000. Deutsche Bank AG boosted its holdings in Independence Realty Trust by 44.2% during the first quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust's stock worth $103,535,000 after buying an additional 1,495,132 shares in the last quarter. Nuveen LLC acquired a new position in Independence Realty Trust in the first quarter worth approximately $29,149,000. Finally, Cbre Investment Management Listed Real Assets LLC lifted its position in shares of Independence Realty Trust by 120.0% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,233,851 shares of the real estate investment trust's stock valued at $47,425,000 after acquiring an additional 1,218,559 shares during the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Stock Up 0.2%

Independence Realty Trust stock opened at $16.39 on Wednesday. The firm's 50-day simple moving average is $17.30 and its 200 day simple moving average is $18.26. The firm has a market capitalization of $3.83 billion, a PE ratio of 136.58, a P/E/G ratio of 2.25 and a beta of 0.96. Independence Realty Trust has a 52 week low of $16.13 and a 52 week high of $22.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, hitting the consensus estimate of $0.28. The firm had revenue of $161.89 million during the quarter, compared to analysts' expectations of $164.78 million. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. During the same period in the previous year, the company earned $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, research analysts expect that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Tuesday, September 30th. Independence Realty Trust's dividend payout ratio is presently 566.67%.

Independence Realty Trust Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.