Independence Realty Trust (NYSE:IRT) Reaches New 52-Week Low - Should You Sell?

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%.

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

Analyst Ratings Changes

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

Independence Realty Trust Trading Down 0.1%

The firm has a 50 day moving average price of $17.76 and a 200-day moving average price of $19.09. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of 139.58, a P/E/G ratio of 2.31 and a beta of 0.94.

Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.28. The company had revenue of $161.89 million during the quarter, compared to analysts' expectations 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 quarter in the previous year, the business posted $0.28 earnings per share. As a group, equities analysts expect that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Increases Dividend

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

Hedge Funds Weigh In On Independence Realty Trust

A number of institutional investors have recently made changes to their positions in the stock. Brooklyn Investment Group increased its position in Independence Realty Trust by 131.4% during the 1st quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust's stock worth $27,000 after purchasing an additional 712 shares in the last quarter. Headlands Technologies LLC purchased a new position in Independence Realty Trust in the 1st quarter valued at about $53,000. GKV Capital Management Co. Inc. acquired a new stake in shares of Independence Realty Trust during the 1st quarter worth about $57,000. UMB Bank n.a. grew its holdings in shares of Independence Realty Trust by 189.5% during the second quarter. UMB Bank n.a. now owns 2,883 shares of the real estate investment trust's stock worth $51,000 after buying an additional 1,887 shares in the last quarter. Finally, Wealthquest Corp purchased a new stake in shares of Independence Realty Trust during the first quarter worth about $85,000. 88.25% of the stock is 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.