Independence Realty Trust (NYSE:IRT) Stock Gets Price Target Cut from Barclays

Independence Realty Trust (NYSE:IRT) had its price target cut by analysts at Barclays from $20.00 to $19.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Barclays‘s target price indicates a potential upside of 28.68% from the company’s current price.

Several other equities research analysts also recently weighed in on the company. Royal Bank Of Canada increased their price objective on Independence Realty Trust from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. Jefferies Financial Group raised shares of Independence Realty Trust to a “strong-buy” rating in a research note on Wednesday, July 22nd. Wall Street Zen upgraded shares of Independence Realty Trust from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 15th. UBS Group reduced their price objective on Independence Realty Trust from $19.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, September 15th. Finally, Weiss Ratings raised shares of Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.61.

Independence Realty Trust Stock Down 0.6%

IRT traded down $0.09 during trading on Wednesday, reaching $14.77. The company’s stock had a trading volume of 53,892 shares, compared to its average volume of 2,911,617. The company has a market cap of $3.48 billion, a price-to-earnings ratio of 81.97 and a beta of 0.96. Independence Realty Trust has a 1 year low of $14.33 and a 1 year high of $17.79. The firm has a fifty day simple moving average of $15.70 and a two-hundred day simple moving average of $16.08.

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

Hedge Funds Weigh In On Independence Realty Trust

A number of hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Independence Realty Trust in the 2nd quarter worth $601,975,000. Engineers Gate Manager LP lifted its position 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 valued at $75,159,000 after buying an additional 4,274,143 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Independence Realty Trust by 4.0% during the first quarter. Dimensional Fund Advisors LP now owns 3,473,797 shares of the real estate investment trust’s stock worth $51,725,000 after purchasing an additional 134,364 shares during the period. Rush Island Management LP acquired a new position in shares of Independence Realty Trust in the first quarter valued at $51,462,000. Finally, Bank of America Corp DE bought a new position in Independence Realty Trust in the 2nd quarter valued at about $35,737,000. Institutional investors and hedge funds own 88.25% of the company’s stock.

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.