Independence Realty Trust (NYSE:IRT) Lowered to "Sell" Rating by Wall Street Zen

Key Points

• Independence Realty Trust (NYSE: IRT) was downgraded from a "hold" to a "sell" rating by analysts at Wall Street Zen.
• Barclays cut its price target on IRT from $22.00 to $20.00, while JMP Securities maintained a "market outperform" rating with a $25.00 target, demonstrating mixed analyst views.
• The company's shares opened at $18.10, with a 52-week low of $16.59 and a high of $22.26, reflecting volatility in its stock performance.

Wall Street Zen cut shares of Independence Realty Trust (NYSE:IRT - Free Report) from a hold rating to a sell rating in a research note issued to investors on Saturday.

Several other analysts have also recently weighed in on IRT. Compass Point upgraded 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. Wells Fargo & Company dropped their price target on shares of 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. JMP Securities restated a "market outperform" rating and set a $25.00 price objective on shares of Independence Realty Trust in a research note on Monday, May 5th. UBS Group dropped their price objective on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating for the company in a report on Tuesday, July 15th. Finally, Barclays reduced their target price on Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 12th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $22.11.

Independence Realty Trust Stock Performance

Independence Realty Trust stock traded down $0.07 during midday trading on Friday, reaching $17.55. 1,021,645 shares of the company's stock were exchanged, compared to its average volume of 2,197,812. Independence Realty Trust has a 52 week low of $16.59 and a 52 week high of $22.26. The stock's 50-day simple moving average is $17.43 and its 200 day simple moving average is $18.79. The firm has a market cap of $4.10 billion, a price-to-earnings ratio of 146.04, a P/E/G ratio of 2.49 and a beta of 0.96.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share for the quarter, meeting the consensus estimate 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. Research analysts forecast that Independence Realty Trust will post 1.19 earnings per share for the current year.

Hedge Funds Weigh In On Independence Realty Trust

Several large investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC grew its stake in shares of Independence Realty Trust by 142.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 14,786 shares of the real estate investment trust's stock worth $293,000 after purchasing an additional 8,679 shares during the last quarter. Stifel Financial Corp grew its stake in Independence Realty Trust by 5.4% in the fourth quarter. Stifel Financial Corp now owns 29,601 shares of the real estate investment trust's stock valued at $587,000 after acquiring an additional 1,517 shares during the period. Susquehanna International Group LLP increased its position in shares of Independence Realty Trust by 234.4% during the fourth quarter. Susquehanna International Group LLP now owns 107,180 shares of the real estate investment trust's stock worth $2,126,000 after acquiring an additional 75,132 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Independence Realty Trust by 11.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 145,992 shares of the real estate investment trust's stock worth $2,897,000 after buying an additional 14,854 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Independence Realty Trust by 28.8% during the fourth quarter. Northern Trust Corp now owns 3,551,247 shares of the real estate investment trust's stock worth $70,457,000 after acquiring an additional 793,403 shares during the period. 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.