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

Independence Realty Trust (NYSE:IRT) had its target price lowered by investment analysts at Barclays from $21.00 to $20.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price target suggests a potential downside of 3.87% from the company’s previous close.

A number of other analysts have also issued reports on IRT. JMP Securities reissued 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 raised shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $19.00 to $21.00 in a research report on Friday, November 15th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

Independence Realty Trust Price Performance

Shares of NYSE IRT opened at $20.81 on Wednesday. The company has a 50-day simple moving average of $19.73 and a 200-day simple moving average of $20.12. The company has a market cap of $4.68 billion, a PE ratio of 115.58, a price-to-earnings-growth ratio of 2.87 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 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 net margin of 6.15% and a return on equity of 1.11%. On average, analysts anticipate that Independence Realty Trust will post 1.19 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of IRT. Global Retirement Partners LLC raised 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 valued at $26,000 after acquiring an additional 521 shares during the period. Blue Trust Inc. boosted its position in Independence Realty Trust by 295.9% during the 3rd quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 1,527 shares during the period. Assetmark Inc. acquired a new stake in Independence Realty Trust in the 3rd quarter valued at $41,000. SRS Capital Advisors Inc. raised its position 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 purchasing an additional 2,008 shares during the period. Finally, Jones Financial Companies Lllp lifted its stake in shares of Independence Realty Trust by 67.1% during the fourth quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 1,000 shares in the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

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.