Independence Realty Trust (NYSE:IRT) Shares Cross Below Fifty Day Moving Average - Here's Why

Key Points

• Shares slipped below their 50-day moving average, trading as low as $14.83 against the $14.92 average; the stock last traded at $14.845.
• Independence Realty Trust reported quarterly EPS of $0.11, missing the $0.29 consensus estimate, while revenue of $171.96 million slightly exceeded expectations.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $19.50. The company’s quarterly dividend equates to $0.72 annually, a 4.9% yield.

Shares of Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) crossed below its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $14.92 and traded as low as $14.83. Independence Realty Trust shares last traded at $14.8450, with a volume of 2,867,093 shares.

Analyst Ratings Changes

IRT has been the topic of several recent research reports. Royal Bank Of Canada lifted their price target on Independence Realty Trust from $18.00 to $19.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Independence Realty Trust in a research report on Tuesday, November 3rd. Citizens Jmp reiterated a "market outperform" rating and set a $22.00 price objective on shares of Independence Realty Trust in a report on Thursday, September 10th. Wall Street Zen raised Independence Realty Trust from a "sell" rating to a "hold" rating in a research report on Saturday, November 7th. Finally, Citigroup restated a "market outperform" rating on shares of Independence Realty Trust in a research note on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Independence Realty Trust presently has an average rating of "Moderate Buy" and an average target price of $19.50.

Independence Realty Trust Price Performance

The company has a market cap of $3.50 billion, a price-to-earnings ratio of 57.10 and a beta of 0.90. The firm has a 50-day moving average price of $14.92 and a 200 day moving average price of $15.99.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its quarterly earnings results on Monday, November 2nd. The real estate investment trust reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.18). The firm had revenue of $171.96 million for the quarter, compared to analyst estimates of $171.43 million. Independence Realty Trust had a return on equity of 1.75% and a net margin of 9.19%. During the same period in the previous year, the business posted $0.29 earnings per share. On average, equities analysts anticipate that Independence Realty Trust, Inc. will post 1.14 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 23rd. Shareholders of record on Wednesday, September 30th were given a dividend of $0.18 per share. The ex-dividend date was Wednesday, September 30th. This represents a $0.72 annualized dividend and a yield of 4.9%. Independence Realty Trust's dividend payout ratio (DPR) is presently 276.92%.

Institutional Investors Weigh In On Independence Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of IRT. Benjamin Edwards Inc. acquired a new stake in Independence Realty Trust during the third quarter worth about $176,000. GW&K Investment Management LLC increased its holdings in Independence Realty Trust by 1.0% in the 3rd quarter. GW&K Investment Management LLC now owns 1,604,221 shares of the real estate investment trust's stock valued at $23,309,000 after buying an additional 15,319 shares during the period. Ieq Capital LLC bought a new position in Independence Realty Trust in the 3rd quarter valued at about $394,000. Global Retirement Partners LLC increased its holdings in Independence Realty Trust by 1,459.9% in the 3rd quarter. Global Retirement Partners LLC now owns 85,842 shares of the real estate investment trust's stock valued at $1,247,000 after buying an additional 80,339 shares during the period. Finally, Hantz Financial Services Inc. raised its position in shares of Independence Realty Trust by 13.5% in the 3rd quarter. Hantz Financial Services Inc. now owns 93,570 shares of the real estate investment trust's stock valued at $1,360,000 after buying an additional 11,096 shares in the last quarter. Institutional investors and hedge funds own 88.25% of the company's stock.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc. is a real estate investment trust (REIT) that owns and operates multifamily apartment communities in U.S. markets. Its business centers on providing rental housing and managing residential properties. The company focuses on apartment communities in non-gateway markets, with a portfolio concentrated in regions including the Southeast, Midwest and Mid-Atlantic. Its properties offer apartment homes and resident amenities. Founded in 2009, Independence Realty Trust became publicly traded on the New York Stock Exchange in 2013.

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