Compass Point Analysts Give Independence Realty Trust (NYSE:IRT) a $24.50 Price Target

Compass Point set a $24.50 price target on Independence Realty Trust (NYSE:IRTGet Rating) in a research note released on Monday, Stock Target Advisor reports.

IRT has been the topic of several other research reports. BTIG Research initiated coverage on Independence Realty Trust in a research note on Monday, May 9th. They set a buy rating and a $27.00 price target on the stock. TheStreet cut shares of Independence Realty Trust from a b- rating to a c+ rating in a research note on Tuesday, May 31st. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Independence Realty Trust from $29.00 to $30.00 and gave the company a buy rating in a research note on Thursday, March 24th. Barclays decreased their price objective on shares of Independence Realty Trust from $30.00 to $28.00 in a research note on Tuesday, May 10th. Finally, Jefferies Financial Group assumed coverage on Independence Realty Trust in a research note on Friday, April 22nd. They set a buy rating and a $32.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $27.25.

Independence Realty Trust stock opened at $20.50 on Monday. The stock has a 50-day moving average of $23.92 and a two-hundred day moving average of $24.45. Independence Realty Trust has a one year low of $16.50 and a one year high of $28.42. The stock has a market cap of $4.53 billion, a PE ratio of 28.87, a price-to-earnings-growth ratio of 9.78 and a beta of 0.88.

Independence Realty Trust (NYSE:IRTGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.09. Independence Realty Trust had a net margin of 34.18% and a return on equity of 5.34%. During the same quarter last year, the business posted $0.18 EPS. Equities research analysts predict that Independence Realty Trust will post 1.05 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 22nd. Shareholders of record on Friday, July 1st will be issued a $0.14 dividend. This is a positive change from Independence Realty Trust’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a yield of 2.73%. The ex-dividend date is Thursday, June 30th. Independence Realty Trust’s dividend payout ratio (DPR) is presently 67.61%.

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. lifted its stake in Independence Realty Trust by 100.0% in the 1st quarter. BlackRock Inc. now owns 39,462,883 shares of the real estate investment trust’s stock valued at $1,043,399,000 after buying an additional 19,735,415 shares in the last quarter. Vanguard Group Inc. lifted its stake in Independence Realty Trust by 98.9% in the 1st quarter. Vanguard Group Inc. now owns 24,329,328 shares of the real estate investment trust’s stock valued at $643,267,000 after buying an additional 12,099,993 shares in the last quarter. State Street Corp lifted its stake in Independence Realty Trust by 121.7% in the 1st quarter. State Street Corp now owns 12,302,671 shares of the real estate investment trust’s stock valued at $326,733,000 after buying an additional 6,753,959 shares in the last quarter. Wellington Management Group LLP lifted its stake in Independence Realty Trust by 1.4% in the 1st quarter. Wellington Management Group LLP now owns 7,494,895 shares of the real estate investment trust’s stock valued at $198,165,000 after buying an additional 101,479 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in Independence Realty Trust by 109.7% in the 4th quarter. Millennium Management LLC now owns 4,565,133 shares of the real estate investment trust’s stock valued at $117,917,000 after buying an additional 2,387,677 shares in the last quarter. 82.42% of the stock is owned by institutional investors and hedge funds.

About Independence Realty Trust (Get Rating)

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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