Independence Realty Trust (NYSE:IRT) Coverage Initiated at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Independence Realty Trust (NYSE:IRT) in a research note issued on Wednesday, Marketbeat Ratings reports. The brokerage set an “overweight” rating and a $24.00 price target on the real estate investment trust’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 15.08% from the stock’s previous close.

A number of other analysts have also recently commented on the stock. JMP Securities restated a “market outperform” rating and set a $22.00 price target on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Jefferies Financial Group upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and upped their price target for the company from $20.00 to $24.00 in a research note on Monday, March 10th. Finally, Barclays dropped their price target on shares of Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 19th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Independence Realty Trust currently has an average rating of “Moderate Buy” and an average price target of $22.00.

Independence Realty Trust Stock Down 0.4 %

Independence Realty Trust stock opened at $20.86 on Wednesday. Independence Realty Trust has a twelve month low of $15.25 and a twelve month high of $22.26. The firm has a 50 day moving average price of $20.09 and a 200-day moving average price of $20.29. The company has a market capitalization of $4.82 billion, a P/E ratio of 115.86, a P/E/G ratio of 2.91 and a beta of 1.18.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. Equities analysts expect that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Institutional Trading of Independence Realty Trust

Institutional investors and hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC lifted its stake in Independence Realty Trust by 66.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 521 shares in the last quarter. 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. 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. Blue Trust Inc. raised its position 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 valued at $56,000 after buying an additional 692 shares in the last quarter. Finally, Avior Wealth Management LLC raised its position in shares of Independence Realty Trust by 437.8% during the 3rd quarter. Avior Wealth Management LLC now owns 3,001 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 2,443 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.