Independence Realty Trust (NYSE:IRT) Price Target Lowered to $19.00 at UBS Group

Independence Realty Trust (NYSE:IRT) had its price target dropped by equities research analysts at UBS Group from $21.00 to $19.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. UBS Group’s price target suggests a potential upside of 15.75% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on IRT. Barclays lowered their target price on Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Tuesday, August 12th. Wells Fargo & Company reduced their price objective on shares of Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating for the company in a research note on Wednesday, August 27th. Wall Street Zen cut shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Compass Point raised shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $22.00 to $24.00 in a report on Thursday, July 31st. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Independence Realty Trust in a research report on Friday, October 31st. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $21.86.

Independence Realty Trust Stock Down 0.3%

Independence Realty Trust stock traded down $0.06 during midday trading on Monday, reaching $16.42. The stock had a trading volume of 1,147,197 shares, compared to its average volume of 2,382,328. The company has a fifty day moving average of $16.62 and a 200 day moving average of $17.53. Independence Realty Trust has a 52-week low of $15.06 and a 52-week high of $22.26. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of 163.95, a price-to-earnings-growth ratio of 2.28 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Independence Realty Trust had a net margin of 3.42% and a return on equity of 0.62%. The business had revenue of $166.89 million for the quarter, compared to analysts’ expectations of $168.31 million. During the same quarter in the previous year, the firm earned $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. Equities research analysts predict that Independence Realty Trust will post 1.19 EPS for the current year.

Institutional Trading of Independence Realty Trust

Large investors have recently added to or reduced their stakes in the company. Brooklyn Investment Group boosted its stake 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 worth $27,000 after acquiring an additional 712 shares in the last quarter. First Horizon Corp purchased a new position in shares of Independence Realty Trust in the 3rd quarter valued at about $27,000. Hantz Financial Services Inc. raised its holdings in Independence Realty Trust by 551.2% in 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 during the period. UMB Bank n.a. boosted its position in Independence Realty Trust by 189.5% during the second 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. Finally, Headlands Technologies LLC purchased a new position in Independence Realty Trust during the first quarter worth approximately $53,000. Hedge funds and other institutional investors own 88.25% of the company’s stock.

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.