Independence Realty Trust (NYSE:IRT) Given Hold (C) Rating at Weiss Ratings

Key Points

• Independence Realty Trust has received a "hold" rating from Weiss Ratings, with several brokerages adjusting their price targets, including Wells Fargo reducing it from $24 to $20.
• The stock opened at $16.37 and has a market capitalization of $3.83 billion, signaling significant investor interest.
• 88.25% of Independence Realty Trust's stock is owned by institutional investors, indicating strong backing from large financial entities.

Independence Realty Trust (NYSE:IRT - Get Free Report)'s stock had its "hold (c)" rating reaffirmed by stock analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

A number of other brokerages have also issued reports on IRT. Wells Fargo & Company cut their price target on shares of Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 27th. Wall Street Zen upgraded shares of Independence Realty Trust from a "sell" rating to a "hold" rating in a research note on Friday, October 3rd. Compass Point upgraded shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $22.00 to $24.00 in a research note on Thursday, July 31st. Barclays cut their price target on shares of 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, UBS Group cut 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 research note on Tuesday, July 15th. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $22.14.

Independence Realty Trust Price Performance

NYSE IRT opened at $16.37 on Wednesday. The firm's 50-day moving average is $17.17 and its two-hundred day moving average is $18.09. Independence Realty Trust has a 12 month low of $16.06 and a 12 month high of $22.26. The stock has a market capitalization of $3.83 billion, a P/E ratio of 136.42, a PEG ratio of 2.24 and a beta of 0.95.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.28. The company had revenue of $161.89 million for the quarter, compared to analyst estimates 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 prior year, the firm 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 EPS for the current year.

Institutional Investors Weigh In On Independence Realty Trust

Large investors have recently modified their holdings of the company. Brooklyn Investment Group boosted its holdings in shares of Independence Realty Trust by 131.4% in the first quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust's stock valued at $27,000 after acquiring an additional 712 shares during the period. Hantz Financial Services Inc. boosted its holdings in shares of Independence Realty Trust by 551.2% in the second quarter. Hantz Financial Services Inc. now owns 1,869 shares of the real estate investment trust's stock valued at $33,000 after acquiring an additional 1,582 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Independence Realty Trust in the first quarter valued at approximately $53,000. GKV Capital Management Co. Inc. acquired a new stake in shares of Independence Realty Trust in the first quarter valued at approximately $57,000. Finally, UMB Bank n.a. boosted its holdings in shares of Independence Realty Trust by 189.5% in the second quarter. UMB Bank n.a. now owns 2,883 shares of the real estate investment trust's stock valued at $51,000 after acquiring an additional 1,887 shares during the period. 88.25% of the stock is owned by institutional investors and hedge funds.

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.

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