Wells Fargo & Company Issues Pessimistic Forecast for Independence Realty Trust (NYSE:IRT) Stock Price

Independence Realty Trust (NYSE:IRT) had its price objective reduced by investment analysts at Wells Fargo & Company from $20.00 to $19.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 15.08% from the company’s previous close.

A number of other equities analysts have also commented on IRT. Barclays raised their price objective on Independence Realty Trust from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 25th. Deutsche Bank Aktiengesellschaft downgraded Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a research report on Tuesday, January 20th. Citigroup restated an “outperform” rating on shares of Independence Realty Trust in a research report on Friday, January 9th. Zacks Research downgraded Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Finally, Colliers Securities cut shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research report on Thursday, December 4th. Eight equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.95.

Independence Realty Trust Stock Down 0.8%

NYSE IRT opened at $16.51 on Thursday. The firm has a 50-day moving average price of $16.85 and a two-hundred day moving average price of $16.82. Independence Realty Trust has a 12-month low of $15.06 and a 12-month high of $21.67. The company has a market capitalization of $3.92 billion, a P/E ratio of 68.79, a P/E/G ratio of 2.10 and a beta of 0.99.

Independence Realty Trust (NYSE:IRT) last announced its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The company had revenue of $167.13 million for the quarter, compared to analysts’ expectations of $170.26 million. During the same period last year, the firm earned $0.32 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. Equities analysts expect that Independence Realty Trust will post 1.19 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC boosted its stake in shares of Independence Realty Trust by 22.0% in the 4th quarter. Hsbc Holdings PLC now owns 383,503 shares of the real estate investment trust’s stock valued at $6,704,000 after purchasing an additional 69,118 shares in the last quarter. SHP Wealth Management acquired a new position in Independence Realty Trust during the 4th quarter worth approximately $30,000. Westshore Wealth LLC bought a new position in Independence Realty Trust in the 4th quarter valued at approximately $175,000. TMB Capital Partners LLC bought a new position in Independence Realty Trust in the 4th quarter valued at approximately $1,505,000. Finally, Invesco Ltd. boosted its position in Independence Realty Trust by 12.5% in the fourth quarter. Invesco Ltd. now owns 1,373,606 shares of the real estate investment trust’s stock valued at $24,011,000 after buying an additional 152,586 shares in the last quarter. Institutional investors own 88.25% of the company’s stock.

About Independence Realty Trust

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.