Independence Realty Trust (NYSE:IRT) Earns Buy Rating from Analysts at UBS Group

Equities researchers at UBS Group started coverage on shares of Independence Realty Trust (NYSE:IRT) in a research note issued on Monday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $24.00 price target on the real estate investment trust’s stock. UBS Group’s price target suggests a potential upside of 29.59% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Independence Realty Trust in a report on Wednesday, March 19th. They issued an “overweight” rating and a $24.00 price objective on 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. Barclays lowered their price objective on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 19th. Finally, Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and raised their price target for the company from $20.00 to $24.00 in a report on Monday, March 10th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Independence Realty Trust has an average rating of “Moderate Buy” and a consensus target price of $22.22.

Independence Realty Trust Stock Down 2.5 %

Shares of NYSE:IRT traded down $0.48 during trading on Monday, hitting $18.52. The stock had a trading volume of 229,938 shares, compared to its average volume of 1,931,611. Independence Realty Trust has a 12 month low of $15.27 and a 12 month high of $22.26. The company has a market capitalization of $4.28 billion, a PE ratio of 101.96, a PEG ratio of 2.91 and a beta of 0.98. The firm’s fifty day moving average is $20.54 and its 200 day moving average is $20.31.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, beating the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. Equities research analysts expect 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 business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $21.21, for a total transaction of $212,100.00. Following the completion of the transaction, the chief executive officer now directly owns 873,365 shares of the company’s stock, valued at $18,524,071.65. The trade was a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On Independence Realty Trust

A number of large investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC boosted 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 buying an additional 521 shares during the last quarter. SRS Capital Advisors Inc. lifted its holdings 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 acquiring an additional 2,008 shares during the period. Jones Financial Companies Lllp boosted its position in Independence Realty Trust by 67.1% in 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 during the last quarter. Blue Trust Inc. grew its stake in shares of Independence Realty Trust by 33.9% during the 4th 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 period. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Independence Realty Trust during the 3rd quarter valued at about $64,000. Institutional investors own 88.25% of the company’s stock.

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.