Barclays Has Lowered Expectations for Independence Realty Trust (NYSE:IRT) Stock Price

Independence Realty Trust (NYSE:IRT) had its price objective lowered by Barclays from $21.00 to $20.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently commented on IRT. JMP Securities reaffirmed a “market outperform” rating and issued a $22.00 price target on shares of Independence Realty Trust in a research note on Tuesday, February 11th. BMO Capital Markets upgraded Independence Realty Trust from an “underperform” rating to a “market perform” rating and upped their target price for the company from $19.00 to $21.00 in a report on Friday, November 15th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.33.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock opened at $20.44 on Wednesday. The firm has a market cap of $4.72 billion, a PE ratio of 113.56, a P/E/G ratio of 2.89 and a beta of 1.21. Independence Realty Trust has a 1 year low of $14.35 and a 1 year high of $22.26. The stock has a fifty day moving average price of $19.70 and a 200-day moving average price of $20.13.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, topping the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. As a group, equities analysts anticipate that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Tuesday, December 31st were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.64 annualized dividend and a dividend yield of 3.13%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 355.56%.

Institutional Investors Weigh In On Independence Realty Trust

Several institutional investors have recently modified their holdings of IRT. Global Retirement Partners LLC boosted its position in shares of Independence Realty Trust by 66.0% during the fourth quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 521 shares during the last quarter. Blue Trust Inc. lifted its holdings in Independence Realty Trust by 295.9% in the third quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 1,527 shares during the period. Assetmark Inc. bought a new position in Independence Realty Trust in the third quarter valued at about $41,000. SRS Capital Advisors Inc. lifted its holdings in Independence Realty Trust by 627.5% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 2,008 shares during the period. Finally, Jones Financial Companies Lllp lifted its holdings in Independence Realty Trust by 67.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 1,000 shares during the period. 88.25% of the stock is owned by hedge funds and other institutional investors.

About Independence Realty Trust

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.