Independence Realty Trust (NYSE:IRT) Upgraded by Jefferies Financial Group to “Strong-Buy” Rating

Jefferies Financial Group upgraded shares of Independence Realty Trust (NYSE:IRT) to a strong-buy rating in a report published on Wednesday,Zacks.com reports.

IRT has been the topic of a number of other reports. Wall Street Zen downgraded Independence Realty Trust from a “sell” rating to a “strong sell” rating in a report on Saturday, May 2nd. UBS Group decreased their target price on Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, May 14th. Barclays raised shares of Independence Realty Trust from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $19.00 to $20.00 in a research report on Tuesday, July 14th. Wells Fargo & Company raised their price target on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Monday, June 1st. Finally, Weiss Ratings raised shares of Independence Realty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Independence Realty Trust has a consensus rating of “Moderate Buy” and an average target price of $20.19.

Independence Realty Trust Stock Down 0.8%

IRT stock opened at $16.34 on Wednesday. The company has a market cap of $3.85 billion, a price-to-earnings ratio of 81.72, a PEG ratio of 1.83 and a beta of 0.95. The business has a fifty day simple moving average of $16.59 and a 200-day simple moving average of $16.37. Independence Realty Trust has a 52 week low of $14.60 and a 52 week high of $18.18.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, April 29th. The real estate investment trust reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.23. Independence Realty Trust had a return on equity of 1.35% and a net margin of 7.27%.The business had revenue of $165.32 million for the quarter, compared to analyst estimates of $166.35 million. During the same period last year, the company posted $0.27 EPS. The business’s quarterly revenue was up 2.7% on a year-over-year basis. Independence Realty Trust has set its FY 2026 guidance at 1.120-1.160 EPS.

Independence Realty Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were paid a dividend of $0.18 per share. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Friday, June 26th. Independence Realty Trust’s payout ratio is presently 360.00%.

Institutional Investors Weigh In On Independence Realty Trust

Large investors have recently modified their holdings of the stock. Danske Bank A S acquired a new position in Independence Realty Trust during the 3rd quarter worth approximately $26,000. SHP Wealth Management acquired a new stake in Independence Realty Trust in the fourth quarter valued at approximately $30,000. Farther Finance Advisors LLC grew its position in Independence Realty Trust by 70.3% in the fourth quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 747 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Independence Realty Trust by 97.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,875 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 1,422 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of Independence Realty Trust by 1,420.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,329 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 3,110 shares during the period. Institutional investors and hedge funds 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.