Wells Fargo & Company Has Lowered Expectations for Independence Realty Trust (NYSE:IRT) Stock Price

Independence Realty Trust (NYSE:IRT) had its price target decreased by equities researchers at Wells Fargo & Company from $19.00 to $18.00 in a report released on Monday, Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 23.84% from the stock’s previous close.

Several other equities analysts have also recently commented on the stock. Jefferies Financial Group upgraded shares of Independence Realty Trust to a “strong-buy” rating in a research note on Wednesday, July 22nd. Royal Bank Of Canada raised their price target on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. 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. Citizens Jmp restated a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a report on Thursday, September 10th. Finally, Barclays cut 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. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.39.

Independence Realty Trust Stock Down 1.6%

NYSE IRT traded down $0.23 during trading on Monday, hitting $14.54. The company’s stock had a trading volume of 519,959 shares, compared to its average volume of 2,922,885. Independence Realty Trust has a 52 week low of $14.33 and a 52 week high of $17.79. The firm has a market cap of $3.43 billion, a P/E ratio of 80.81 and a beta of 0.96. The firm has a 50 day moving average price of $15.55 and a 200 day moving average price of $16.07.

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 the consensus estimate of $0.27 by ($0.26). The business had revenue of $167.24 million during the quarter, compared to the consensus estimate of $166.93 million. Independence Realty Trust had a net margin of 6.52% and a return on equity of 1.22%. The firm’s revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.28 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. On average, equities analysts expect that Independence Realty Trust will post 1.14 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. SHP Wealth Management acquired a new stake in Independence Realty Trust during the fourth quarter worth $30,000. Sunbelt Securities Inc. raised its stake in shares of Independence Realty Trust by 84.4% in the 1st quarter. Sunbelt Securities Inc. now owns 3,550 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 1,625 shares in the last quarter. Assetmark Inc. raised its stake in shares of Independence Realty Trust by 73.2% in the 1st quarter. Assetmark Inc. now owns 3,630 shares of the real estate investment trust’s stock valued at $54,000 after buying an additional 1,534 shares in the last quarter. State of Wyoming bought a new position in shares of Independence Realty Trust during the 1st quarter worth about $62,000. Finally, Nykredit A S bought a new position in shares of Independence Realty Trust during the 2nd quarter worth about $72,000. 88.25% of the stock is currently owned by institutional investors and hedge funds.

About Independence Realty Trust

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.