Independence Realty Trust (NYSE:IRT) Hits New 12-Month Low Following Analyst Downgrade

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report)'s stock price 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 trading hands. The stock had previously closed at $17.47.

Several other analysts have also recently commented on the stock. Barclays raised their price objective on shares of Independence Realty Trust from $21.00 to $22.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. JMP Securities reiterated a "market outperform" rating and issued a $25.00 price objective on shares of Independence Realty Trust in a research note on Monday, May 5th. Compass Point reiterated a "neutral" rating and issued a $22.00 price objective on shares of Independence Realty Trust in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company started coverage on shares of Independence Realty Trust in a research note on Wednesday, March 19th. They issued an "overweight" rating and a $24.00 price objective for the company. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.40.

Hedge Funds Weigh In On Independence Realty Trust

Several hedge funds have recently added to or reduced their stakes in the business. D. E. Shaw & Co. Inc. purchased a new stake in shares of Independence Realty Trust during the fourth quarter worth about $1,781,000. Principal Financial Group Inc. grew its holdings in shares of Independence Realty Trust by 3.5% during the first quarter. Principal Financial Group Inc. now owns 747,252 shares of the real estate investment trust's stock worth $15,864,000 after buying an additional 25,124 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Independence Realty Trust by 1,991.6% during the first quarter. GAMMA Investing LLC now owns 36,749 shares of the real estate investment trust's stock worth $7,800,000 after buying an additional 34,992 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Independence Realty Trust during the fourth quarter worth about $12,105,000. Finally, Nomura Asset Management Co. Ltd. grew its holdings in shares of Independence Realty Trust by 5.8% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 298,131 shares of the real estate investment trust's stock worth $5,915,000 after buying an additional 16,331 shares in the last quarter. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Up 0.2%

The firm has a market capitalization of $4.05 billion, a PE ratio of 123.46, a P/E/G ratio of 2.43 and a beta of 0.93. The business's fifty day moving average price is $18.17 and its 200 day moving average price is $19.25.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its 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 0.85% and a net margin of 4.70%. The company had revenue of $160.91 million during the quarter, compared to analyst estimates of $164.08 million. During the same period in the prior year, the business posted $0.27 earnings per share. Independence Realty Trust's revenue was up .4% on a year-over-year basis. As a group, sell-side analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Friday, June 27th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.93%. This is a boost from Independence Realty Trust's previous quarterly dividend of $0.16. The ex-dividend date is Friday, June 27th. Independence Realty Trust's payout ratio is 485.71%.

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.