Independence Realty Trust (NYSE:IRT) Upgraded by Wall Street Zen to “Hold” Rating

Wall Street Zen upgraded shares of Independence Realty Trust (NYSE:IRT) from a sell rating to a hold rating in a research note published on Friday morning.

A number of other research analysts have also issued reports on the company. Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $22.00 to $24.00 in a research report on Thursday, July 31st. Wells Fargo & Company reduced their price target on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, August 27th. UBS Group reduced their price target on Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday, July 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a research report on Saturday, September 27th. Finally, Barclays reduced their price target on Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 12th. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $22.14.

Independence Realty Trust Price Performance

NYSE:IRT opened at $16.31 on Friday. Independence Realty Trust has a 12-month low of $16.12 and a 12-month high of $22.26. The firm has a market capitalization of $3.81 billion, a P/E ratio of 135.88, a P/E/G ratio of 2.25 and a beta of 0.95. The business has a 50 day simple moving average of $17.23 and a 200 day simple moving average of $18.19.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.28. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.The business had revenue of $161.89 million during the quarter, compared to analyst estimates of $164.78 million. During the same quarter in the previous year, the firm posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Research analysts anticipate that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.2%. Independence Realty Trust’s payout ratio is 566.67%.

Institutional Investors Weigh In On Independence Realty Trust

Several hedge funds have recently modified their holdings of IRT. Brooklyn Investment Group lifted its holdings in shares of Independence Realty Trust by 131.4% during the first quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 712 shares during the last quarter. Hantz Financial Services Inc. lifted its holdings in shares of Independence Realty Trust by 551.2% during the second quarter. Hantz Financial Services Inc. now owns 1,869 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 1,582 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Independence Realty Trust by 189.5% during the second quarter. UMB Bank n.a. now owns 2,883 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 1,887 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Independence Realty Trust during the first quarter valued at $53,000. Finally, Financial Gravity Companies Inc. purchased a new stake in shares of Independence Realty Trust during the second quarter valued at $54,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

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.