Independence Realty Trust (NYSE:IRT) Given New $18.00 Price Target at Barclays

Key Points

• Barclays cut its price target on Independence Realty Trust from $21.00 to $18.00 and maintained an "equal weight" rating, which implies roughly a 10% upside from the prior close.
• Analysts overall remain cautiously positive with a Moderate Buy consensus and an average price target of $20.95, while the stock traded at $16.34 (down 1.9%) after the company met EPS but slightly missed revenue estimates for the quarter.

Independence Realty Trust (NYSE:IRT - Get Free Report) had its price objective decreased by equities researchers at Barclays from $21.00 to $18.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "equal weight" rating on the real estate investment trust's stock. Barclays's price target indicates a potential upside of 10.16% from the company's previous close.

Several other research analysts also recently commented on the company. UBS Group boosted their target price on Independence Realty Trust from $19.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday, January 8th. KeyCorp lowered their price objective on shares of Independence Realty Trust from $22.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, December 4th. BMO Capital Markets raised shares of Independence Realty Trust from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $20.00 to $22.00 in a research note on Friday, January 9th. Wall Street Zen cut shares of Independence Realty Trust from a "hold" rating to a "sell" rating in a research note on Sunday, February 22nd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Independence Realty Trust in a report on Monday, December 29th. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $20.95.

Independence Realty Trust Trading Down 1.9%

NYSE IRT traded down $0.31 on Friday, hitting $16.34. 260,443 shares of the company's stock were exchanged, compared to its average volume of 2,913,223. The stock has a 50-day moving average of $16.87 and a 200-day moving average of $16.83. Independence Realty Trust has a 52 week low of $15.06 and a 52 week high of $21.67. The stock has a market cap of $3.88 billion, a price-to-earnings ratio of 68.08, a P/E/G ratio of 2.12 and a beta of 0.99.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The company had revenue of $167.13 million for the quarter, compared to analyst estimates of $170.26 million. During the same quarter last year, the company posted $0.32 EPS. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, analysts predict that Independence Realty Trust will post 1.19 earnings per share for the current year.

Hedge Funds Weigh In On Independence Realty Trust

A number of hedge funds have recently modified their holdings of the business. Solstein Capital LLC acquired a new stake in Independence Realty Trust in the third quarter valued at $25,000. Danske Bank A S acquired a new position in Independence Realty Trust during the 3rd quarter worth about $26,000. First Horizon Corp bought a new stake in shares of Independence Realty Trust in the 3rd quarter valued at about $27,000. SHP Wealth Management acquired a new stake in shares of Independence Realty Trust in the fourth quarter valued at about $30,000. Finally, Farther Finance Advisors LLC raised its position in shares of Independence Realty Trust by 70.3% during the fourth quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust's stock worth $32,000 after acquiring an additional 747 shares during the last quarter. Institutional investors and hedge funds own 88.25% of the company's stock.

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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