Barclays Issues Pessimistic Forecast for Independence Realty Trust (NYSE:IRT) Stock Price

Independence Realty Trust (NYSE:IRT) had its price objective cut by stock analysts at Barclays from $23.00 to $21.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price objective would suggest a potential upside of 11.73% from the stock’s previous close.

Separately, BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $19.00 to $21.00 in a research report on Friday, November 15th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Independence Realty Trust currently has a consensus rating of “Moderate Buy” and an average target price of $20.86.

Independence Realty Trust Price Performance

Shares of IRT opened at $18.80 on Friday. The stock has a market capitalization of $4.23 billion, a price-to-earnings ratio of 16.47, a price-to-earnings-growth ratio of 2.61 and a beta of 1.21. Independence Realty Trust has a 1 year low of $14.07 and a 1 year high of $22.26. The business’s 50 day simple moving average is $20.31 and its 200-day simple moving average is $19.99.

Hedge Funds Weigh In On Independence Realty Trust

A number of large investors have recently made changes to their positions in IRT. Massachusetts Financial Services Co. MA raised its position in Independence Realty Trust by 236.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,027,943 shares of the real estate investment trust’s stock worth $82,573,000 after purchasing an additional 2,829,247 shares during the period. Wellington Management Group LLP raised its holdings in shares of Independence Realty Trust by 24.4% in the third quarter. Wellington Management Group LLP now owns 11,360,979 shares of the real estate investment trust’s stock worth $232,900,000 after buying an additional 2,225,371 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Independence Realty Trust by 419.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,433,058 shares of the real estate investment trust’s stock worth $29,378,000 after acquiring an additional 1,157,052 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Independence Realty Trust by 38.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust’s stock valued at $51,150,000 after acquiring an additional 686,630 shares during the period. Finally, Easterly Investment Partners LLC bought a new position in Independence Realty Trust in the 3rd quarter valued at $11,132,000. 88.25% of the stock is owned by hedge funds and other 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.