Barclays Lowers Independence Realty Trust (NYSE:IRT) Price Target to $20.00

Independence Realty Trust (NYSE:IRT) had its price target cut by equities research analysts at Barclays from $21.00 to $20.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price target suggests a potential downside of 3.59% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the company. JMP Securities reiterated a “market outperform” rating and issued a $22.00 target price on shares of Independence Realty Trust in a report 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 stock from $19.00 to $21.00 in a report on Friday, November 15th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.33.

Independence Realty Trust Trading Up 0.6 %

Shares of IRT opened at $20.75 on Wednesday. The firm has a fifty day moving average price of $19.71 and a 200-day moving average price of $20.12. The firm has a market capitalization of $4.67 billion, a P/E ratio of 115.25, a P/E/G ratio of 2.91 and a beta of 1.21. Independence Realty Trust has a 12-month low of $14.35 and a 12-month high of $22.26.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. Analysts predict that Independence Realty Trust will post 1.19 earnings per share for the current year.

Hedge Funds Weigh In On Independence Realty Trust

A number of large investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC boosted its holdings 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 valued at $26,000 after buying an additional 521 shares in the last quarter. Assetmark Inc. bought a new stake in shares of Independence Realty Trust in the 3rd quarter valued at about $41,000. Blue Trust Inc. boosted its holdings in shares of Independence Realty Trust by 295.9% in the 3rd quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 1,527 shares in the last quarter. SRS Capital Advisors Inc. boosted its holdings in shares of Independence Realty Trust by 627.5% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 2,008 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Independence Realty Trust by 67.1% in the 4th quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 1,000 shares in the last quarter. 88.25% of the stock is currently owned by 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.