Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) hit a new 52-week low on Tuesday after UBS Group lowered their price target on the stock from $24.00 to $21.00. UBS Group currently has a buy rating on the stock. Independence Realty Trust traded as low as $17.07 and last traded at $17.11, with a volume of 892440 shares. The stock had previously closed at $17.47.
A number of other analysts have also commented on IRT. JMP Securities reissued a "market outperform" rating and issued a $25.00 price objective on shares of Independence Realty Trust in a research report on Monday, May 5th. Barclays upped their price target 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. Compass Point reissued a "neutral" rating and issued a $22.00 price objective on shares of Independence Realty Trust in a research report on Tuesday, May 13th. Finally, Wells Fargo & Company began coverage on shares of Independence Realty Trust in a research report on Wednesday, March 19th. They issued an "overweight" rating and a $24.00 price objective on the stock. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $22.40.
Get Our Latest Analysis on Independence Realty Trust
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC raised its holdings in Independence Realty Trust by 2.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust's stock valued at $442,000 after buying an additional 488 shares during the last quarter. Xponance Inc. raised its holdings in Independence Realty Trust by 2.1% during the 1st quarter. Xponance Inc. now owns 32,632 shares of the real estate investment trust's stock worth $693,000 after purchasing an additional 678 shares during the last quarter. Brooklyn Investment Group raised 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 purchasing an additional 712 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in Independence Realty Trust by 0.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 252,949 shares of the real estate investment trust's stock worth $5,370,000 after purchasing an additional 731 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV raised its holdings in Independence Realty Trust by 2.6% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 32,978 shares of the real estate investment trust's stock worth $700,000 after purchasing an additional 829 shares during the last quarter. Institutional investors own 88.25% of the company's stock.
Independence Realty Trust Stock Performance
The firm's fifty day simple moving average is $18.13 and its 200-day simple moving average is $19.24. The stock has a market cap of $4.02 billion, a P/E ratio of 122.86, a price-to-earnings-growth ratio of 2.45 and a beta of 0.93.
Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.27 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.01). The company had revenue of $160.91 million for the quarter, compared to analyst estimates of $164.08 million. Independence Realty Trust had a return on equity of 0.85% and a net margin of 4.70%. The business's quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the business earned $0.27 EPS. Analysts predict 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 disclosed a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Friday, June 27th will be given a dividend of $0.17 per share. This is an increase from Independence Realty Trust's previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, June 27th. This represents a $0.68 annualized dividend and a dividend yield of 3.95%. Independence Realty Trust's dividend payout ratio (DPR) is 485.71%.
Independence Realty Trust Company Profile
(
Get Free Report)
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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