Barclays Has Lowered Expectations for Independence Realty Trust (NYSE:IRT) Stock Price

Independence Realty Trust (NYSE:IRT) had its price target dropped by Barclays from $21.00 to $20.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s target price indicates a potential downside of 3.59% from the company’s previous close.

Several other research firms also recently commented on IRT. BMO Capital Markets raised 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 report on Friday, November 15th. JMP Securities reissued a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, February 11th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.33.

Independence Realty Trust Stock Performance

Shares of Independence Realty Trust stock opened at $20.75 on Wednesday. The company has a market capitalization of $4.67 billion, a P/E ratio of 115.25, a P/E/G ratio of 2.91 and a beta of 1.21. The company has a fifty day moving average of $19.71 and a 200 day moving average of $20.12. Independence Realty Trust has a fifty-two week low of $14.35 and a fifty-two week high of $22.26.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share 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%. Analysts forecast that Independence Realty Trust will post 1.19 EPS for the current year.

Institutional Trading of Independence Realty Trust

Hedge funds have recently made changes to their positions in the business. Global Retirement Partners LLC raised its position in shares of Independence Realty Trust by 66.0% during 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 buying an additional 521 shares in the last quarter. Blue Trust Inc. raised its position in shares of 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 valued at $38,000 after buying an additional 1,527 shares in the last quarter. Assetmark Inc. purchased a new stake in shares of Independence Realty Trust during the 3rd quarter valued at about $41,000. SRS Capital Advisors Inc. raised its position in shares of Independence Realty Trust by 627.5% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 2,008 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its position 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 valued at $49,000 after buying an additional 1,000 shares in the last quarter. 88.25% of the stock is currently 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.