Independence Realty Trust (NYSE:IRT) Coverage Initiated by Analysts at UBS Group

Investment analysts at UBS Group began coverage on shares of Independence Realty Trust (NYSE:IRT) in a research report issued to clients and investors on Monday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $24.00 price target on the real estate investment trust’s stock. UBS Group’s price target would suggest a potential upside of 29.59% from the stock’s previous close.

IRT has been the topic of several other reports. JMP Securities restated 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. Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and boosted their price objective for the company from $20.00 to $24.00 in a research report on Monday, March 10th. Wells Fargo & Company assumed coverage on Independence Realty Trust in a research note on Wednesday, March 19th. They set an “overweight” rating and a $24.00 target price on the stock. Finally, Barclays lowered their price target on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 19th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.22.

Independence Realty Trust Stock Down 2.5 %

NYSE:IRT traded down $0.48 during mid-day trading on Monday, hitting $18.52. 229,938 shares of the company traded hands, compared to its average volume of 1,931,611. The stock’s fifty day moving average price is $20.54 and its 200-day moving average price is $20.31. The firm has a market cap of $4.28 billion, a price-to-earnings ratio of 101.96, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98. Independence Realty Trust has a one year low of $15.27 and a one year high of $22.26.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts predict that Independence Realty Trust will post 1.19 EPS for the current year.

Insider Buying and Selling

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total transaction of $212,100.00. Following the sale, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. 0.58% of the stock is currently owned by company insiders.

Institutional Trading of Independence Realty Trust

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC boosted its stake in Independence Realty Trust by 66.0% during the fourth 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 period. SRS Capital Advisors Inc. lifted 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 worth $46,000 after acquiring an additional 2,008 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Independence Realty Trust by 67.1% during the 4th 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 period. Blue Trust Inc. boosted 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 worth $56,000 after purchasing an additional 692 shares during the period. Finally, Sunbelt Securities Inc. purchased a new stake in Independence Realty Trust in the 3rd quarter worth about $64,000. Hedge funds and other 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.