Independence Realty Trust (NYSE:IRT) Receives Neutral Rating from Compass Point

Independence Realty Trust (NYSE:IRT - Get Free Report)'s stock had its "neutral" rating reaffirmed by Compass Point in a research report issued on Tuesday, Marketbeat.com reports. They currently have a $22.00 target price on the real estate investment trust's stock. Compass Point's price target would suggest a potential upside of 12.36% from the company's previous close.

Other equities research analysts also recently issued research reports about the company. UBS Group began coverage on Independence Realty Trust in a report on Monday, April 7th. They issued a "buy" rating and a $24.00 target price on the stock. Wells Fargo & Company initiated coverage on Independence Realty Trust in a research report on Wednesday, March 19th. They set an "overweight" rating and a $24.00 price objective for the company. Jefferies Financial Group upgraded Independence Realty Trust from a "hold" rating to a "buy" rating and upped their price objective for the stock from $20.00 to $24.00 in a research report on Monday, March 10th. Barclays increased their target price on shares of Independence Realty Trust from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Finally, JMP Securities restated a "market outperform" rating and issued a $25.00 price target on shares of Independence Realty Trust in a research note on Monday, May 5th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, Independence Realty Trust presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.70.

Independence Realty Trust Trading Up 1.9%

NYSE IRT traded up $0.36 during midday trading on Tuesday, hitting $19.58. The company had a trading volume of 2,527,559 shares, compared to its average volume of 2,097,678. The firm has a 50-day moving average price of $19.67 and a 200-day moving average price of $20.10. The company has a market capitalization of $4.58 billion, a PE ratio of 108.78, a P/E/G ratio of 2.91 and a beta of 0.98. Independence Realty Trust has a twelve month low of $15.66 and a twelve month high of $22.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.01). Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. The firm had revenue of $160.91 million for the quarter, compared to the consensus estimate of $164.08 million. During the same period in the prior year, the company earned $0.27 EPS. The company's revenue for the quarter was up .4% compared to the same quarter last year. On average, equities analysts anticipate that Independence Realty Trust will post 1.19 EPS for the current year.

Insider Activity

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $21.21, for a total transaction of $212,100.00. Following the sale, the chief executive officer now directly owns 873,365 shares of the company's stock, valued at $18,524,071.65. The trade was a 1.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 11,000 shares of company stock valued at $232,245 over the last quarter. 0.58% of the stock is owned by company insiders.

Hedge Funds Weigh In On Independence Realty Trust

Several large investors have recently modified their holdings of IRT. Barclays PLC increased its holdings in Independence Realty Trust by 182.3% in the third quarter. Barclays PLC now owns 400,376 shares of the real estate investment trust's stock valued at $8,208,000 after purchasing an additional 258,549 shares during the period. Franklin Resources Inc. increased its stake in shares of Independence Realty Trust by 12.3% in the third quarter. Franklin Resources Inc. now owns 256,234 shares of the real estate investment trust's stock valued at $4,981,000 after buying an additional 28,059 shares during the period. HB Wealth Management LLC bought a new position in shares of Independence Realty Trust during the fourth quarter worth about $242,000. Grove Bank & Trust acquired a new position in shares of Independence Realty Trust in the fourth quarter worth approximately $7,636,000. Finally, Aurora Investment Managers LLC. lifted its stake in shares of Independence Realty Trust by 5.9% in the fourth quarter. Aurora Investment Managers LLC. now owns 181,258 shares of the real estate investment trust's stock worth $3,596,000 after acquiring an additional 10,043 shares during the period. Institutional investors own 88.25% of the company's stock.

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.