Independence Realty Trust (NYSE:IRT) Price Target Cut to $18.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo cut its price target to $18 from $19 while maintaining an "overweight" rating, a level that the firm says implies about a 14.8% upside from the stock's current price.
• The analyst consensus is a "Moderate Buy" with a consensus price target of $20.50, reflecting mixed broker views—UBS and BMO raised ratings/targets while Deutsche Bank downgraded to hold.
• IRT traded at $15.68 (up 1.1%) with a market cap of $3.69B and a PE of 65.23; the company reported Q4 EPS of $0.32 (in line with estimates) and revenue up 3.8% year‑over‑year but slightly below consensus.

Independence Realty Trust (NYSE:IRT - Get Free Report) had its price objective cut by research analysts at Wells Fargo & Company from $19.00 to $18.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the real estate investment trust's stock. Wells Fargo & Company's price objective would suggest a potential upside of 14.83% from the company's current price.

IRT has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft downgraded shares of Independence Realty Trust from a "buy" rating to a "hold" rating and set a $18.00 price objective for the company. in a research report on Tuesday, January 20th. UBS Group raised their price target on shares of Independence Realty Trust from $19.00 to $20.00 and gave the stock a "buy" rating in a research report on Thursday, January 8th. Zacks Research raised shares of Independence Realty Trust from a "strong sell" rating to a "hold" rating in a research report on Monday, March 23rd. Weiss Ratings reissued a "hold (c)" rating on shares of Independence Realty Trust in a research report on Friday, March 27th. Finally, BMO Capital Markets raised shares of Independence Realty Trust from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $20.00 to $22.00 in a research report on Friday, January 9th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Independence Realty Trust has a consensus rating of "Moderate Buy" and a consensus price target of $20.50.

Independence Realty Trust Trading Up 1.1%

NYSE:IRT traded up $0.18 during trading hours on Thursday, hitting $15.68. The stock had a trading volume of 229,093 shares, compared to its average volume of 2,689,833. Independence Realty Trust has a 1-year low of $14.60 and a 1-year high of $19.83. The business has a 50 day simple moving average of $15.84 and a two-hundred day simple moving average of $16.41. The company has a market cap of $3.69 billion, a PE ratio of 65.23, a price-to-earnings-growth ratio of 1.77 and a beta of 1.00.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings data 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 net margin of 8.60% and a return on equity of 1.58%. The company had revenue of $167.13 million during the quarter, compared to the consensus estimate of $170.26 million. During the same quarter last year, the company earned $0.32 earnings per share. Independence Realty Trust's revenue for the quarter was up 3.8% on a year-over-year basis. Research analysts expect that Independence Realty Trust will post 1.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Independence Realty Trust

Large investors have recently added to or reduced their stakes in the company. Solstein Capital LLC bought a new position in Independence Realty Trust during the third quarter worth $25,000. Danske Bank A S bought a new position in Independence Realty Trust during the third quarter worth $26,000. First Horizon Corp bought a new position in Independence Realty Trust during the third quarter worth $27,000. SHP Wealth Management bought a new position in Independence Realty Trust during the fourth quarter worth $30,000. Finally, Farther Finance Advisors LLC lifted its stake in 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 purchasing an additional 747 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors.

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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