Independence Realty Trust, Inc. (NYSE:IRT) Stock Has Average Target Price of $19.72

Independence Realty Trust, Inc. (NYSE:IRT) has received a consensus rating of “Moderate Buy” from the thirteen analysts that are covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $19.50.

A number of analysts have recently issued reports on IRT shares. Citizens Jmp reaffirmed a “market outperform” rating and set a $22.00 target price on shares of Independence Realty Trust in a research report on Thursday, September 10th. Barclays reduced their price target on Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Wednesday. Royal Bank Of Canada raised their price target on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. Citigroup restated a “market outperform” rating on shares of Independence Realty Trust in a research note on Thursday, September 10th. Finally, Weiss Ratings raised shares of Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Independence Realty Trust during the second quarter valued at approximately $601,975,000. Engineers Gate Manager LP raised its stake in Independence Realty Trust by 16,719.4% during the 4th quarter. Engineers Gate Manager LP now owns 4,299,707 shares of the real estate investment trust’s stock valued at $75,159,000 after acquiring an additional 4,274,143 shares in the last quarter. Rush Island Management LP bought a new stake in Independence Realty Trust during the 1st quarter valued at $51,462,000. Bank of America Corp DE acquired a new position in Independence Realty Trust during the 2nd quarter worth $35,737,000. Finally, Bank of New York Mellon Corp acquired a new position in Independence Realty Trust during the 2nd quarter worth $32,868,000. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Performance

Independence Realty Trust stock opened at $14.71 on Friday. The firm has a market capitalization of $3.47 billion, a PE ratio of 81.70 and a beta of 0.96. Independence Realty Trust has a one year low of $14.33 and a one year high of $17.79. The stock’s 50 day moving average price is $15.60 and its 200 day moving average price is $16.07.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Monday, August 3rd. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.26). Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%. The firm had revenue of $167.24 million for the quarter, compared to analysts’ expectations of $166.93 million. During the same period last year, the firm earned $0.28 EPS. The business’s quarterly revenue was up 3.2% on a year-over-year basis. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. On average, analysts forecast that Independence Realty Trust will post 1.14 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Wednesday, September 30th will be given a $0.18 dividend. The ex-dividend date is 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 currently 400.00%.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc is a real estate investment trust that owns, operates and manages multifamily apartment communities in the United States. The company focuses primarily on well-located properties in the Sun Belt and other attractive growth markets, serving residents seeking conventional apartment housing.

Its portfolio includes apartment communities with a range of unit types and resident amenities. Independence Realty Trust’s activities include leasing and managing properties, maintaining and improving communities, and pursuing acquisitions, dispositions and renovation initiatives intended to support the long-term performance of its residential portfolio.

Founded in 2009, the company has expanded through portfolio growth and strategic transactions, including its combination with Steadfast Apartment REIT in 2022.