Independence Realty Trust (NYSE:IRT) Shares Break Below 50 Day Moving Average – Here’s What Happened

Independence Realty Trust, Inc. (NYSE:IRT)’s stock price passed below its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $14.92 and traded as low as $14.83. Independence Realty Trust shares last traded at $14.8450, with a volume of 2,867,093 shares trading hands.

Wall Street Analysts Forecast Growth

IRT has been the subject of several research analyst reports. Barclays lowered their price objective on shares of Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, October 14th. Wells Fargo & Company reduced their target price on Independence Realty Trust from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Monday, October 19th. UBS Group lifted their price target on Independence Realty Trust from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Tuesday. Weiss Ratings reissued a “hold (c)” rating on shares of Independence Realty Trust in a report on Tuesday, November 3rd. Finally, Citizens Jmp restated a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a research report on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Independence Realty Trust has a consensus rating of “Moderate Buy” and an average price target of $19.50.

Independence Realty Trust Trading Down 0.8%

The stock’s 50-day moving average is $14.92 and its 200-day moving average is $15.99. The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of 57.10 and a beta of 0.90.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Monday, November 2nd. The real estate investment trust reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.18). Independence Realty Trust had a net margin of 9.19% and a return on equity of 1.75%. The company had revenue of $171.96 million during the quarter, compared to analyst estimates of $171.43 million. During the same quarter in the prior year, the business earned $0.29 EPS. On average, equities research analysts anticipate that Independence Realty Trust, Inc. will post 1.14 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 23rd. Stockholders of record on Wednesday, September 30th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date was Wednesday, September 30th. Independence Realty Trust’s dividend payout ratio is presently 276.92%.

Institutional Investors Weigh In On Independence Realty Trust

A number of hedge funds and other institutional investors 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 worth about $601,975,000. Dimensional Fund Advisors LP grew its holdings in Independence Realty Trust by 4.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,473,797 shares of the real estate investment trust’s stock worth $51,725,000 after acquiring an additional 134,364 shares during the last quarter. Rush Island Management LP acquired a new position in Independence Realty Trust in the 1st quarter valued at approximately $51,462,000. Bank of America Corp DE acquired a new position in Independence Realty Trust in the 2nd quarter valued at approximately $35,737,000. Finally, Bank of New York Mellon Corp acquired a new position in Independence Realty Trust in the 2nd quarter valued at approximately $32,868,000. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc. is a real estate investment trust (REIT) that owns and operates multifamily apartment communities in U.S. markets. Its business centers on providing rental housing and managing residential properties. The company focuses on apartment communities in non-gateway markets, with a portfolio concentrated in regions including the Southeast, Midwest and Mid-Atlantic. Its properties offer apartment homes and resident amenities. Founded in 2009, Independence Realty Trust became publicly traded on the New York Stock Exchange in 2013.