UBS Group Lowers Independence Realty Trust (NYSE:IRT) Price Target to $21.00

Independence Realty Trust (NYSE:IRT - Get Free Report) had its price objective reduced by investment analysts at UBS Group from $24.00 to $21.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the real estate investment trust's stock. UBS Group's price target indicates a potential upside of 22.09% from the company's previous close.

A number of other analysts have also recently weighed in on IRT. JMP Securities reaffirmed a "market outperform" rating and issued a $25.00 price objective on shares of Independence Realty Trust in a report on Monday, May 5th. Compass Point reaffirmed a "neutral" rating and issued a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, May 13th. Barclays increased 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 report on Friday, May 9th. Finally, Wells Fargo & Company assumed coverage on shares of Independence Realty Trust in a report on Wednesday, March 19th. They issued an "overweight" rating and a $24.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $22.40.

Independence Realty Trust Trading Down 0.4%

IRT traded down $0.07 on Tuesday, hitting $17.20. 1,664,577 shares of the company's stock were exchanged, compared to its average volume of 2,039,232. The firm has a market cap of $4.02 billion, a PE ratio of 122.86, a P/E/G ratio of 2.45 and a beta of 0.93. Independence Realty Trust has a twelve month low of $17.05 and a twelve month high of $22.26. The stock has a fifty day moving average of $18.13 and a two-hundred day moving average of $19.24.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.01). The business 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%. Independence Realty Trust's revenue was up .4% compared to the same quarter last year. During the same quarter last year, the company earned $0.27 EPS. On average, analysts predict that Independence Realty Trust will post 1.19 EPS for the current year.

Hedge Funds Weigh In On Independence Realty Trust

Several large investors have recently bought and sold shares of IRT. Brooklyn Investment Group boosted its position in shares of 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 valued at $27,000 after purchasing an additional 712 shares in the last quarter. Jones Financial Companies Lllp boosted its position in shares of 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 valued at $49,000 after purchasing an additional 1,000 shares in the last quarter. UMB Bank n.a. boosted its position in shares of 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 valued at $51,000 after purchasing an additional 1,887 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Independence Realty Trust during the 1st quarter valued at about $53,000. Finally, GKV Capital Management Co. Inc. acquired a new stake in shares of Independence Realty Trust during the first quarter worth approximately $57,000. Institutional investors and hedge funds own 88.25% of the company's stock.

Independence Realty Trust Company Profile

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.