Independence Realty Trust (NYSE:IRT) Price Target Cut to $18.00 by Analysts at Wells Fargo & Company

Independence Realty Trust (NYSE:IRT) had its price target decreased by analysts at Wells Fargo & Company from $19.00 to $18.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 14.83% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Zacks Research upgraded shares of Independence Realty Trust from a “strong sell” rating to a “hold” rating in a research report on Monday, March 23rd. UBS Group upped their price target on shares of Independence Realty Trust from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th. Barclays cut their price objective on shares of Independence Realty Trust from $21.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Friday, March 6th. Wall Street Zen cut shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Sunday, February 22nd. Finally, Deutsche Bank Aktiengesellschaft cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a research note on Tuesday, January 20th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Independence Realty Trust Stock Performance

Shares of Independence Realty Trust stock traded up $0.18 during trading on Thursday, hitting $15.68. 229,093 shares of the stock were exchanged, compared to its average volume of 2,689,833. The stock’s fifty day moving average is $15.84 and its 200 day moving average is $16.41. The stock has a market cap of $3.69 billion, a PE ratio of 65.23, a P/E/G ratio of 1.77 and a beta of 1.00. Independence Realty Trust has a 12 month low of $14.60 and a 12 month high of $19.83.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. The business had revenue of $167.13 million during the quarter, compared to analyst estimates of $170.26 million. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 earnings per share. Sell-side analysts anticipate that Independence Realty Trust will post 1.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Independence Realty Trust

Several hedge funds have recently modified their holdings of the business. Engineers Gate Manager LP grew its stake in shares of Independence Realty Trust by 16,719.4% in the fourth quarter. Engineers Gate Manager LP now owns 4,299,707 shares of the real estate investment trust’s stock worth $75,159,000 after acquiring an additional 4,274,143 shares during the last quarter. Morgan Stanley grew its stake in shares of Independence Realty Trust by 209.5% in the fourth quarter. Morgan Stanley now owns 5,649,829 shares of the real estate investment trust’s stock worth $98,759,000 after acquiring an additional 3,824,512 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Independence Realty Trust by 1,435.4% in the third quarter. Franklin Resources Inc. now owns 3,827,503 shares of the real estate investment trust’s stock worth $62,733,000 after acquiring an additional 3,578,221 shares during the last quarter. Norges Bank acquired a new stake in shares of Independence Realty Trust in the fourth quarter worth $52,122,000. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Independence Realty Trust in the second quarter worth $30,368,000. 88.25% of the stock is owned by institutional investors.

About Independence Realty Trust

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.