Independence Realty Trust, Inc. (NYSE:IRT) Stock Has Average Price Target of $19.72

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have received an average recommendation of “Moderate Buy” from the thirteen analysts that are currently covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $19.50.

IRT has been the subject of a number of research analyst reports. Jefferies Financial Group upgraded shares of Independence Realty Trust to a “strong-buy” rating in a research report on Wednesday, July 22nd. Citigroup reissued a “market outperform” rating on shares of Independence Realty Trust in a research note on Thursday, September 10th. Barclays reduced their price target 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. Wall Street Zen raised Independence Realty Trust from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Citizens Jmp restated a “market outperform” rating and issued a $22.00 target price on shares of Independence Realty Trust in a research report on Thursday, September 10th.

Hedge Funds Weigh In On Independence Realty Trust

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

Independence Realty Trust Stock Up 0.3%

IRT stock opened at $14.75 on Friday. The company’s 50-day simple moving average is $15.55 and its 200-day simple moving average is $16.06. 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 $3.48 billion, a P/E ratio of 81.94 and a beta of 0.96.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Monday, August 3rd. The real estate investment trust reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.26). Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%. The business had revenue of $167.24 million during the quarter, compared to analyst estimates of $166.93 million. During the same period in the previous year, the company posted $0.28 EPS. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. On average, analysts anticipate that Independence Realty Trust will post 1.14 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.9%. Independence Realty Trust’s dividend payout ratio is presently 400.00%.

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.