Independence Realty Trust (NYSE:IRT) Hits New 52-Week Low - Here's Why

Key Points

• Independence Realty Trust (IRT) reached a new 52-week low of $16.98 during trading, declining from a previous close of $17.52.
• Analysts have mixed ratings on IRT, with a consensus rating of "Moderate Buy" and an average price target of $22.40, despite a recent drop in share price.
• The company recently declared a quarterly dividend of $0.17, increasing from a previous $0.16, with a dividend yield of 3.97%.

Shares of Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $17.02 and last traded at $16.98, with a volume of 1774522 shares trading hands. The stock had previously closed at $17.52.

Analysts Set New Price Targets

Several brokerages have weighed in on IRT. UBS Group lowered their target price 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. Compass Point upgraded shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and set a $24.00 target price for the company in a research report on Thursday. Barclays upped their price objective on shares of Independence Realty Trust from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $25.00 price objective on shares of Independence Realty Trust in a research report on Monday, May 5th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Independence Realty Trust presently has an average rating of "Moderate Buy" and a consensus target price of $22.60.

Independence Realty Trust Stock Performance

The firm's 50 day moving average is $17.78 and its 200-day moving average is $19.10. The company has a market cap of $3.91 billion, a PE ratio of 139.63, a PEG ratio of 2.43 and a beta of 0.93.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings results 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. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. The business had revenue of $161.89 million during the quarter, compared to analysts' expectations of $164.78 million. During the same quarter in the prior year, the company posted $0.28 EPS. On average, analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Friday, June 27th were issued a $0.17 dividend. The ex-dividend date was Friday, June 27th. This represents a $0.68 annualized dividend and a dividend yield of 4.1%. This is an increase from Independence Realty Trust's previous quarterly dividend of $0.16. Independence Realty Trust's dividend payout ratio (DPR) is currently 566.67%.

Institutional Investors Weigh In On Independence Realty Trust

Hedge funds have recently added to or reduced their stakes in the business. D. E. Shaw & Co. Inc. acquired a new stake in Independence Realty Trust during the 4th quarter worth approximately $1,781,000. Principal Financial Group Inc. grew its position in shares of Independence Realty Trust by 3.5% in the 1st quarter. Principal Financial Group Inc. now owns 747,252 shares of the real estate investment trust's stock valued at $15,864,000 after buying an additional 25,124 shares during the last quarter. Victory Capital Management Inc. grew its position in Independence Realty Trust by 889.9% during the 1st quarter. Victory Capital Management Inc. now owns 410,801 shares of the real estate investment trust's stock worth $8,721,000 after purchasing an additional 369,303 shares during the last quarter. GAMMA Investing LLC grew its position in Independence Realty Trust by 1,991.6% during the 1st quarter. GAMMA Investing LLC now owns 36,749 shares of the real estate investment trust's stock worth $7,800,000 after purchasing an additional 34,992 shares during the last quarter. Finally, IFP Advisors Inc grew its position in Independence Realty Trust by 111.7% during the 1st quarter. IFP Advisors Inc now owns 6,862 shares of the real estate investment trust's stock worth $146,000 after purchasing an additional 3,620 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.

About Independence Realty Trust

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.