Independence Realty Trust (NYSE:IRT) PT Set at $24.50 by Compass Point

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

Other analysts have also issued research reports about the stock. Jefferies Financial Group initiated coverage on shares of Independence Realty Trust in a research report on Friday, April 22nd. They issued a buy rating and a $32.00 target price on the stock. KeyCorp raised their target price on shares of Independence Realty Trust from $27.00 to $29.00 and gave the company an overweight rating in a research report on Friday, April 1st. BTIG Research initiated coverage on shares of Independence Realty Trust in a research report on Monday, May 9th. They issued a buy rating and a $27.00 target price on the stock. TheStreet lowered shares of Independence Realty Trust from a b- rating to a c+ rating in a research report on Tuesday, May 31st. Finally, StockNews.com assumed coverage on shares of Independence Realty Trust in a research report on Thursday, March 31st. They issued a sell rating on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $27.25.

Shares of NYSE:IRT opened at $20.85 on Monday. The company’s 50 day simple moving average is $23.80 and its 200 day simple moving average is $24.42. The stock has a market capitalization of $4.61 billion, a price-to-earnings ratio of 29.37, a price-to-earnings-growth ratio of 9.76 and a beta of 0.88. Independence Realty Trust has a 1 year low of $16.50 and a 1 year high of $28.42.

Independence Realty Trust (NYSE:IRTGet Rating) last announced its quarterly earnings data 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 period in the previous year, the business earned $0.18 EPS. As a group, sell-side analysts predict that Independence Realty Trust will post 1.05 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 22nd. Investors 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. The ex-dividend date is Thursday, June 30th. This represents a $0.56 annualized dividend and a yield of 2.69%. Independence Realty Trust’s payout ratio is presently 67.61%.

Hedge funds have recently added to or reduced their stakes in the stock. Patriot Financial Group Insurance Agency LLC acquired a new position in Independence Realty Trust in the fourth quarter valued at $26,000. Investment Research & Advisory Group Inc. acquired a new position in Independence Realty Trust in the first quarter valued at $26,000. Focused Wealth Management Inc acquired a new position in Independence Realty Trust in the first quarter valued at $27,000. Resources Management Corp CT ADV acquired a new position in Independence Realty Trust in the fourth quarter valued at $27,000. Finally, Center for Financial Planning Inc. acquired a new position in Independence Realty Trust in the fourth quarter valued at $29,000. Institutional investors and hedge funds own 82.42% of the company’s stock.

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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