Independence Realty Trust (NYSE:IRT) Stock Price Expected to Rise, Barclays Analyst Says

Independence Realty Trust (NYSE:IRT) had its price target lifted by investment analysts at Barclays from $20.00 to $21.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price objective indicates a potential upside of 15.29% from the company’s current price.

Other research analysts have also issued reports about the stock. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a research report on Tuesday, February 11th. Wells Fargo & Company initiated coverage on Independence Realty Trust in a report on Wednesday, March 19th. They issued an “overweight” rating and a $24.00 price target on the stock. Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and upped their price objective for the stock from $20.00 to $24.00 in a research note on Monday, March 10th. Finally, UBS Group initiated coverage on Independence Realty Trust in a research note on Monday. They issued a “buy” rating and a $24.00 target price on the stock. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.33.

Independence Realty Trust Trading Down 0.4 %

IRT stock traded down $0.08 during midday trading on Friday, hitting $18.22. 1,397,726 shares of the company’s stock were exchanged, compared to its average volume of 2,135,284. The firm has a 50 day moving average price of $20.44 and a 200-day moving average price of $20.21. Independence Realty Trust has a 12-month low of $15.27 and a 12-month high of $22.26. The stock has a market capitalization of $4.21 billion, a price-to-earnings ratio of 101.19, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. On average, sell-side analysts forecast that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Insider Buying and Selling at Independence Realty Trust

In other news, CEO Scott Schaeffer sold 10,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $21.21, for a total value of $212,100.00. Following the completion of the transaction, the chief executive officer now directly owns 873,365 shares in the company, valued at $18,524,071.65. This trade represents a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.58% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Independence Realty Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its stake in Independence Realty Trust by 2.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust’s stock valued at $442,000 after buying an additional 488 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of Independence Realty Trust by 66.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 521 shares during the last quarter. Amundi raised its holdings in shares of Independence Realty Trust by 0.5% in the 4th quarter. Amundi now owns 122,544 shares of the real estate investment trust’s stock worth $2,304,000 after purchasing an additional 597 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in Independence Realty Trust by 0.5% during the fourth quarter. State of Alaska Department of Revenue now owns 133,831 shares of the real estate investment trust’s stock valued at $2,654,000 after purchasing an additional 643 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Independence Realty Trust by 33.9% during the fourth quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 692 shares during the last quarter. 88.25% of the stock is owned by institutional investors.

Independence Realty Trust Company Profile

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.