Independence Realty Trust (NYSE:IRT) Rating Increased to Hold at Wall Street Zen

Key Points

• Independence Realty Trust's stock rating was upgraded from "sell" to "hold" by Wall Street Zen, indicating a more favorable outlook for the company.
• Other analysts have maintained or adjusted their ratings, with five analysts now rating the stock as a Buy and a consensus target price of $22.14.
• The company's stock traded at $16.31, showing a decline from previous highs, while its market capitalization stands at $3.81 billion.

Independence Realty Trust (NYSE:IRT - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Friday.

Other research analysts have also issued reports about the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Independence Realty Trust in a research note on Saturday, September 27th. UBS Group dropped their price objective on shares of 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 dropped their price objective on shares of Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 12th. Wells Fargo & Company dropped their price objective on shares of Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating for the company in a research note on Wednesday, August 27th. Finally, Compass Point raised shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $22.00 to $24.00 in a research note on Thursday, July 31st. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $22.14.

Independence Realty Trust Stock Performance

NYSE IRT traded down $0.02 on Friday, hitting $16.31. 2,472,587 shares of the stock were exchanged, compared to its average volume of 2,697,487. The stock has a fifty day moving average price of $17.23 and a two-hundred day moving average price of $18.19. The firm has a market capitalization of $3.81 billion, a P/E ratio of 135.88, a P/E/G ratio of 2.25 and a beta of 0.95. Independence Realty Trust has a 52-week low of $16.12 and a 52-week high of $22.26.

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, hitting the consensus estimate of $0.28. The company had revenue of $161.89 million during 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 previous year, the firm earned $0.28 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Sell-side analysts expect that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Institutional Trading of Independence Realty Trust

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised 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 valued at $696,482,000 after acquiring an additional 554,729 shares in the last quarter. Wellington Management Group LLP raised its holdings in Independence Realty Trust by 1.3% in the first quarter. Wellington Management Group LLP now owns 13,570,175 shares of the real estate investment trust's stock worth $288,095,000 after purchasing an additional 171,228 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Independence Realty Trust by 0.3% in the second quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust's stock worth $161,678,000 after purchasing an additional 30,701 shares in the last quarter. Jennison Associates LLC raised its holdings in Independence Realty Trust by 12.9% in the second 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 raised its holdings in Independence Realty Trust by 2.3% in the second quarter. Geode Capital Management LLC now owns 6,190,693 shares of the real estate investment trust's stock worth $109,524,000 after purchasing an additional 138,817 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors.

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.