Independence Realty Trust Inc. (NYSE:IRT) shares traded -2.45% lower at $15.55 on Wall Street last session.
In accordance with the data, 9 analysts cover Independence Realty Trust Inc. (NYSE:IRT). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $25.00 and a low of $17.00, we find $20.00. Given the previous closing price of $15.94, this indicates a potential upside of 25.47 percent. IRT stock price is now -7.98% away from the 50-day moving average and -9.60% away from the 200-day moving average. The market capitalization of the company currently stands at $3.54B.
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It has been rated a hold by 3 analysts and a buy by 6. Brokers who have rated the stock have averaged $20.56 as their price target over the next twelve months.
With the price target maintained at $19, BMO Capital Markets recently Downgraded its rating from Outperform to Market Perform for Independence Realty Trust Inc. (NYSE: IRT).
In other news, SCHAEFFER SCOTT, Chair of Board & CEO sold 16,656 shares of the company’s stock on Dec 07. The stock was sold for $287,483 at an average price of $17.26. Upon completion of the transaction, the Chair of Board & CEO now directly owns 567,209 shares in the company, valued at $8.82 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Dec 06, Chair of Board & CEO SCHAEFFER SCOTT sold 155,830 shares of the business’s stock. A total of $2,686,509 was realized by selling the stock at an average price of $17.24. This leaves the insider owning 583,865 shares of the company worth $9.08 million. Insiders disposed of 351,837 shares of company stock worth roughly $5.47 million over the past 1 year. A total of 0.30% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in IRT stock. A new stake in Independence Realty Trust Inc. shares was purchased by MILLENNIUM MANAGEMENT LLC during the first quarter worth $16,130,000. WEISS MULTI-STRATEGY ADVISERS LLC invested $10,356,000 in shares of IRT during the first quarter. In the first quarter, HILL WINDS CAPITAL LP acquired a new stake in Independence Realty Trust Inc. valued at approximately $5,987,000. OVERSEA-CHINESE BANKING CORP LTD acquired a new stake in IRT for approximately $3,338,000. PRELUDE CAPITAL MANAGEMENT, LLC purchased a new stake in IRT valued at around $1,693,000 in the second quarter. In total, there are 497 active investors with 82.80% ownership of the company’s stock.
Independence Realty Trust Inc. (NYSE: IRT) opened at $15.93 on Wednesday. During the past 12 months, Independence Realty Trust Inc. has had a low of $14.55 and a high of $20.03. The fifty day moving average price for IRT is $16.84 and a two-hundred day moving average price translates $17.21 for the stock.
The latest earnings results from Independence Realty Trust Inc. (NYSE: IRT) was released for Jun, 2023. According to the REIT – Residential Company, earnings per share came in at $0.05, inline with analysts’ expectations of $0.05. This compares to -$0.03 EPS in the same period last year. The net profit margin was 10.70% and return on equity was 1.90% for IRT. The company reported revenue of $163.96 million for the quarter, compared to $154.76 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 5.94 percent. For the current quarter, analysts expect IRT to generate $167.49M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 07/21/2023. Investors who held shares on 06/30/2023 were paid a $0.16 dividend. On an annualized basis, this represents a $0.64 dividend and a 4.12% percent yield. There was an ex-dividend date of 06/29/2023 for this dividend. In terms of dividend payout ratio, IRT is presently at 97.70%.
Independence Realty Trust Inc.(IRT) 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. IRT’s investment strategy is focused on gaining scale near major employment centers within key amenity rich submarkets that offer good school districts and high-quality retail. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation.
