Compass Point Reiterates Neutral Rating for Independence Realty Trust (NYSE:IRT)

Independence Realty Trust (NYSE:IRT - Get Free Report)'s stock had its "neutral" rating reiterated by equities research analysts at Compass Point in a note issued to investors on Tuesday, Marketbeat Ratings reports. They presently have a $22.00 price objective on the real estate investment trust's stock. Compass Point's target price indicates a potential upside of 12.36% from the company's previous close.

Several other research analysts have also issued reports on the stock. JMP Securities restated a "market outperform" rating and set a $25.00 price target on shares of Independence Realty Trust in a report on Monday, May 5th. UBS Group began coverage on shares of Independence Realty Trust in a report on Monday, April 7th. They set a "buy" rating and a $24.00 price target for the company. Jefferies Financial Group raised shares of Independence Realty Trust from a "hold" rating to a "buy" rating and raised their price objective for the stock from $20.00 to $24.00 in a research report on Monday, March 10th. Barclays raised 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, Wells Fargo & Company began coverage on shares of 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. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $22.70.

Independence Realty Trust Price Performance

NYSE IRT traded up $0.36 during trading hours on Tuesday, reaching $19.58. The company's stock had a trading volume of 2,527,559 shares, compared to its average volume of 2,094,568. Independence Realty Trust has a 52 week low of $15.66 and a 52 week high of $22.26. The firm has a fifty day simple moving average of $19.67 and a 200-day simple moving average of $20.10. The stock has a market cap of $4.58 billion, a P/E ratio of 108.78, a P/E/G ratio of 2.91 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.27 earnings per share (EPS) 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 quarter in the previous year, the business posted $0.27 EPS. The firm's revenue for the quarter was up .4% compared to the same quarter last year. On average, research analysts expect that Independence Realty Trust will post 1.19 earnings per share for the current year.

Insider Activity at Independence Realty Trust

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of Independence Realty Trust stock in a transaction 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 transaction, 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 Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders sold 11,000 shares of company stock valued at $232,245. 0.58% of the stock is owned by company insiders.

Hedge Funds Weigh In On Independence Realty Trust

A number of hedge funds have recently bought and sold shares of IRT. Global Retirement Partners LLC boosted its holdings in Independence Realty Trust by 66.0% during the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust's stock worth $26,000 after acquiring an additional 521 shares during the last quarter. Brooklyn Investment Group boosted its holdings 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 acquiring an additional 712 shares during the last quarter. SRS Capital Advisors Inc. boosted its holdings in Independence Realty Trust by 627.5% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust's stock worth $46,000 after acquiring an additional 2,008 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Independence Realty Trust by 67.1% during the 4th quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust's stock worth $49,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Independence Realty Trust during the 1st quarter worth $53,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

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.