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

Key Points

• Independence Realty Trust (NYSE:IRT) has reached a new 52-week low, closing at $16.39, with significant trading volume of 2,495,291 shares.
• Multiple analysts have downgraded the stock, with a consensus rating of "Moderate Buy" and a target price of $22.14.
• The company has declared a quarterly dividend of $0.17, which represents a 4.1% dividend yield, despite a high payout ratio of 566.67%.

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) hit a new 52-week low during trading on Wednesday . The company traded as low as $16.13 and last traded at $16.39, with a volume of 2495291 shares changing hands. The stock had previously closed at $16.35.

Analyst Upgrades and Downgrades

IRT has been the topic of several research reports. Wall Street Zen downgraded shares of Independence Realty Trust from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. 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. 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. 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. Finally, Compass Point raised shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and upped their price objective for the company from $22.00 to $24.00 in a research note on Thursday, July 31st. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $22.14.

Independence Realty Trust Price Performance

The business's 50 day simple moving average is $17.30 and its 200 day simple moving average is $18.26. The company has a market capitalization of $3.83 billion, a PE ratio of 136.58, a P/E/G ratio of 2.25 and a beta of 0.96.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, hitting analysts' consensus estimates of $0.28. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. The company had revenue of $161.89 million for the quarter, compared to the consensus estimate of $164.78 million. 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. As a group, analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Tuesday, September 30th. Independence Realty Trust's payout ratio is 566.67%.

Institutional Investors Weigh In On Independence Realty Trust

Institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. raised its stake 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 acquiring an additional 25,124 shares during the period. Victory Capital Management Inc. raised its stake in shares of Independence Realty Trust by 889.9% in the 1st quarter. Victory Capital Management Inc. now owns 410,801 shares of the real estate investment trust's stock valued at $8,721,000 after acquiring an additional 369,303 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Independence Realty Trust in the 1st quarter valued at approximately $53,000. Cbre Investment Management Listed Real Assets LLC raised its stake in shares of Independence Realty Trust by 120.0% in the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,233,851 shares of the real estate investment trust's stock valued at $47,425,000 after acquiring an additional 1,218,559 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Independence Realty Trust by 1.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,618,723 shares of the real estate investment trust's stock valued at $76,825,000 after acquiring an additional 57,108 shares during the period. 88.25% of the stock is owned by hedge funds and other 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.

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