Independence Realty Trust (NYSE:IRT) Given a $24.50 Price Target at Compass Point

Independence Realty Trust (NYSE:IRTGet Rating) has been assigned a $24.50 price objective by investment analysts at Compass Point in a note issued to investors on Monday, Stock Target Advisor reports. Compass Point’s target price suggests a potential upside of 19.05% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. BTIG Research started coverage on shares of Independence Realty Trust in a research note on Monday, May 9th. They issued a “buy” rating and a $27.00 target price on the stock. TheStreet downgraded shares of Independence Realty Trust from a “b-” rating to a “c+” rating in a research report on Tuesday, May 31st. Barclays reduced their price target on shares of Independence Realty Trust from $30.00 to $28.00 in a research report on Tuesday, May 10th. StockNews.com started coverage on shares of Independence Realty Trust in a research report on Thursday, March 31st. They set a “sell” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Independence Realty Trust from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, March 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $27.25.

Independence Realty Trust stock traded down $0.12 on Monday, hitting $20.58. The company’s stock had a trading volume of 203,732 shares, compared to its average volume of 4,579,869. The firm has a market cap of $4.55 billion, a P/E ratio of 28.99, a price-to-earnings-growth ratio of 9.78 and a beta of 0.88. The company has a fifty day moving average price of $24.30 and a 200-day moving average price of $24.53. Independence Realty Trust has a one year low of $16.50 and a one year high of $28.42.

Independence Realty Trust (NYSE:IRTGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.09. Independence Realty Trust had a net margin of 34.18% and a return on equity of 5.34%. During the same period last year, the firm posted $0.18 EPS. On average, analysts predict that Independence Realty Trust will post 1.05 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. lifted its position in shares of Independence Realty Trust by 100.0% during the 1st quarter. BlackRock Inc. now owns 39,462,883 shares of the real estate investment trust’s stock valued at $1,043,399,000 after buying an additional 19,735,415 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Independence Realty Trust by 98.9% during the 1st quarter. Vanguard Group Inc. now owns 24,329,328 shares of the real estate investment trust’s stock worth $643,267,000 after purchasing an additional 12,099,993 shares in the last quarter. State Street Corp lifted its holdings in Independence Realty Trust by 121.7% during the 1st quarter. State Street Corp now owns 12,302,671 shares of the real estate investment trust’s stock worth $326,733,000 after purchasing an additional 6,753,959 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Independence Realty Trust by 1.4% during the 1st quarter. Wellington Management Group LLP now owns 7,494,895 shares of the real estate investment trust’s stock worth $198,165,000 after purchasing an additional 101,479 shares in the last quarter. Finally, Deutsche Bank AG lifted its holdings in Independence Realty Trust by 5.9% during the 4th quarter. Deutsche Bank AG now owns 5,975,206 shares of the real estate investment trust’s stock worth $154,340,000 after purchasing an additional 334,421 shares in the last quarter. 82.42% of the stock is currently owned by hedge funds and other institutional investors.

About Independence Realty Trust (Get Rating)

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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