Independence Realty Trust (NYSE:IRT) Shares Gap Down Following Analyst Downgrade

Independence Realty Trust, Inc. (NYSE:IRT)’s share price gapped down prior to trading on Thursday after Colliers Securities downgraded the stock from a moderate buy rating to a hold rating. The stock had previously closed at $17.25, but opened at $16.11. Independence Realty Trust shares last traded at $17.0850, with a volume of 464,788 shares traded.

Other analysts have also issued research reports about the company. Wells Fargo & Company reduced their target price on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday, August 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Independence Realty Trust in a report on Tuesday. KeyCorp reduced their price objective on Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday. UBS Group decreased their target price on Independence Realty Trust from $21.00 to $19.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Finally, Wall Street Zen cut shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $21.56.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IRT. Solstein Capital LLC purchased a new position in Independence Realty Trust during the third quarter valued at $25,000. Danske Bank A S purchased a new stake in Independence Realty Trust in the third quarter worth about $26,000. Brooklyn Investment Group increased its position in Independence Realty Trust by 131.4% in the first quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 712 shares in the last quarter. First Horizon Corp bought a new position in shares of Independence Realty Trust in the third quarter worth about $27,000. Finally, Hantz Financial Services Inc. lifted its position in shares of Independence Realty Trust by 551.2% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,869 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 1,582 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Stock Performance

The stock has a 50-day moving average price of $16.40 and a two-hundred day moving average price of $17.20. The stock has a market capitalization of $3.95 billion, a PE ratio of 165.27, a PEG ratio of 2.32 and a beta of 1.01.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.The firm had revenue of $167.14 million during the quarter, compared to analysts’ expectations of $168.31 million. During the same period in the prior year, the company posted $0.29 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. As a group, equities analysts predict that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 24th. Investors of record on Tuesday, September 30th were paid a dividend of $0.17 per share. The ex-dividend date was Tuesday, September 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. Independence Realty Trust’s payout ratio is 680.00%.

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.