Independence Realty Trust (NYSE:IRT) Stock Price Expected to Rise, Barclays Analyst Says

Independence Realty Trust (NYSE:IRT) had its target price increased by equities research analysts at Barclays from $21.00 to $22.00 in a report issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price objective indicates a potential upside of 15.06% from the company’s current price.

A number of other brokerages have also commented on IRT. UBS Group began coverage on shares of Independence Realty Trust in a research note on Monday, April 7th. They issued a “buy” rating and a $24.00 price target for the company. JMP Securities reissued a “market outperform” rating and set a $25.00 price target on shares of Independence Realty Trust in a report on Monday, May 5th. Jefferies Financial Group raised Independence Realty Trust from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $20.00 to $24.00 in a report on Monday, March 10th. Finally, Wells Fargo & Company began coverage on Independence Realty Trust in a research report on Wednesday, March 19th. They issued an “overweight” rating and a $24.00 target price on the stock. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.78.

Independence Realty Trust Stock Performance

Shares of Independence Realty Trust stock opened at $19.12 on Friday. The company has a 50-day simple moving average of $19.87 and a two-hundred day simple moving average of $20.13. The stock has a market capitalization of $4.47 billion, a PE ratio of 106.22, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98. Independence Realty Trust has a 52-week low of $15.66 and a 52-week high of $22.26.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.27 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.01). The business had revenue of $160.91 million for the quarter, compared to analysts’ expectations of $164.08 million. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. The business’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.27 earnings per share. As a group, equities research analysts forecast that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Insider Transactions at Independence Realty Trust

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total value of $212,100.00. Following the completion of the sale, the chief executive officer now owns 873,365 shares in the company, valued at approximately $18,524,071.65. This represents a 1.13 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 11,000 shares of company stock valued at $232,245 over the last three months. Corporate insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On Independence Realty Trust

Hedge funds have recently made changes to their positions in the business. Barclays PLC lifted its holdings in shares of Independence Realty Trust by 182.3% in the third quarter. Barclays PLC now owns 400,376 shares of the real estate investment trust’s stock worth $8,208,000 after buying an additional 258,549 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Independence Realty Trust by 12.3% during the 3rd quarter. Franklin Resources Inc. now owns 256,234 shares of the real estate investment trust’s stock valued at $4,981,000 after purchasing an additional 28,059 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Independence Realty Trust by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,561,615 shares of the real estate investment trust’s stock valued at $70,662,000 after purchasing an additional 60,919 shares in the last quarter. Perigon Wealth Management LLC bought a new stake in shares of Independence Realty Trust in the fourth quarter worth about $222,000. Finally, Cbre Investment Management Listed Real Assets LLC lifted its position in shares of Independence Realty Trust by 5.9% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,015,292 shares of the real estate investment trust’s stock worth $20,143,000 after buying an additional 56,923 shares in the last quarter. Institutional investors own 88.25% of the company’s stock.

About Independence Realty Trust

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.