Barclays Lowers Independence Realty Trust (NYSE:IRT) Price Target to $20.00

Independence Realty Trust (NYSE:IRT) had its price target reduced by analysts at Barclays from $21.00 to $20.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price target would suggest a potential downside of 3.87% from the stock’s previous close.

A number of other research analysts have also weighed in on IRT. BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and upped their price objective for the stock from $19.00 to $21.00 in a report on Friday, November 15th. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price target on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.33.

Independence Realty Trust Stock Performance

IRT stock opened at $20.81 on Wednesday. The stock has a market capitalization of $4.68 billion, a PE ratio of 115.58, a price-to-earnings-growth ratio of 2.87 and a beta of 1.21. The company has a fifty day moving average of $19.73 and a 200-day moving average of $20.12. Independence Realty Trust has a one year low of $14.35 and a one year high of $22.26.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. Equities analysts forecast that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC grew its stake in Independence Realty Trust by 66.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 521 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Independence Realty Trust by 0.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,984 shares of the real estate investment trust’s stock valued at $2,050,000 after purchasing an additional 526 shares in the last quarter. Amundi grew its position in shares of Independence Realty Trust by 0.5% in the fourth quarter. Amundi now owns 122,544 shares of the real estate investment trust’s stock valued at $2,304,000 after purchasing an additional 597 shares during the last quarter. State of Alaska Department of Revenue increased its stake in shares of Independence Realty Trust by 0.5% during the 4th quarter. State of Alaska Department of Revenue now owns 133,831 shares of the real estate investment trust’s stock worth $2,654,000 after purchasing an additional 643 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Independence Realty Trust by 33.9% during the 4th quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 692 shares during 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 (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.