Independence Realty Trust (NYSE:IRT) Sets New 12-Month Low - Here's Why

Key Points

• Independence Realty Trust's shares recently hit a new 52-week low at $16.58, reflecting a decrease of 1.3% and highlighting growing analyst concern over its future performance.
• Multiple analysts have revised their price targets downward, with Wells Fargo lowering its target from $24.00 to $20.00 while maintaining an "overweight" rating, and UBS Group also adjusting their target from $24.00 to $21.00.
• The company announced a quarterly dividend of $0.17 per share, representing a yield of 4.1%, despite a significant payout ratio of 566.67%.

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report)'s share price hit a new 52-week low during trading on Thursday . The company traded as low as $16.58 and last traded at $16.59, with a volume of 211899 shares traded. The stock had previously closed at $16.70.

Analyst Ratings Changes

IRT has been the topic of a number of analyst reports. Wells Fargo & Company reduced their price objective on Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 27th. UBS Group reduced their price objective on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a research report on Tuesday, July 15th. Compass Point upgraded Independence Realty Trust from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $22.00 to $24.00 in a research report on Thursday, July 31st. Wall Street Zen downgraded Independence Realty Trust from a "hold" rating to a "sell" rating in a research report on Saturday, August 30th. Finally, Barclays reduced their price objective on Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 12th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $22.14.

Independence Realty Trust Stock Down 1.3%

The company has a market cap of $3.85 billion, a PE ratio of 137.29, a P/E/G ratio of 2.36 and a beta of 0.96. The stock has a 50-day simple moving average of $17.37 and a 200 day simple moving average of $18.40.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share for the quarter, meeting analysts' consensus estimates of $0.28. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.The business had revenue of $161.89 million during the quarter, compared to analysts' expectations of $164.78 million. During the same period in the previous year, the firm posted $0.28 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. As a group, research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. Independence Realty Trust's payout ratio is presently 566.67%.

Institutional Investors Weigh In On Independence Realty Trust

Institutional investors have recently modified their holdings of the company. Brooklyn Investment Group grew its stake 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. Hantz Financial Services Inc. grew its stake in Independence Realty Trust by 551.2% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,869 shares of the real estate investment trust's stock worth $33,000 after purchasing an additional 1,582 shares in the last quarter. UMB Bank n.a. grew its stake in Independence Realty Trust by 189.5% during the 2nd quarter. UMB Bank n.a. now owns 2,883 shares of the real estate investment trust's stock worth $51,000 after purchasing an additional 1,887 shares in the last quarter. Headlands Technologies LLC acquired a new position in Independence Realty Trust during the 1st quarter worth $53,000. Finally, Financial Gravity Companies Inc. acquired a new position in Independence Realty Trust during the 2nd quarter worth $54,000. 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.

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