UBS Group Initiates Coverage on Independence Realty Trust (NYSE:IRT)

Analysts at UBS Group assumed coverage on shares of Independence Realty Trust (NYSE:IRT - Get Free Report) in a report released on Monday, MarketBeat reports. The brokerage set a "buy" rating and a $24.00 price target on the real estate investment trust's stock. UBS Group's price target suggests a potential upside of 31.76% from the company's current price.

Several other research firms have also issued reports on IRT. Jefferies Financial Group raised Independence Realty Trust from a "hold" rating to a "buy" rating and raised their price objective for the company from $20.00 to $24.00 in a research note on Monday, March 10th. Wells Fargo & Company began coverage on shares of Independence Realty Trust in a report on Wednesday, March 19th. They issued an "overweight" rating and a $24.00 price target on the stock. Barclays reduced 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. Finally, JMP Securities reissued a "market outperform" rating and issued a $22.00 price objective on shares of Independence Realty Trust in a research report on Tuesday, February 11th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $22.33.

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Independence Realty Trust Stock Down 0.4 %

IRT stock traded down $0.08 during mid-day trading on Monday, hitting $18.22. The company had a trading volume of 2,219,823 shares, compared to its average volume of 2,134,464. The company has a market capitalization of $4.21 billion, a price-to-earnings ratio of 101.19, a P/E/G ratio of 2.91 and a beta of 0.98. The company has a 50-day moving average price of $20.41 and a 200 day moving average price of $20.19. Independence Realty Trust has a 12-month low of $15.27 and a 12-month high of $22.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, topping 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%. As a group, analysts expect that Independence Realty Trust will post 1.19 EPS for the current year.

Insider Transactions at Independence Realty Trust

In other news, CEO Scott Schaeffer sold 10,000 shares of the business's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total value of $212,100.00. Following the completion of the transaction, the chief executive officer now directly owns 873,365 shares of the company's stock, valued at approximately $18,524,071.65. The trade was a 1.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.58% of the company's stock.

Hedge Funds Weigh In On Independence Realty Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its stake in Independence Realty Trust by 17.9% in the fourth quarter. Wellington Management Group LLP now owns 13,398,947 shares of the real estate investment trust's stock valued at $265,835,000 after acquiring an additional 2,037,968 shares in the last quarter. Jennison Associates LLC grew its stake in Independence Realty Trust by 4.8% during the 4th quarter. Jennison Associates LLC now owns 6,139,652 shares of the real estate investment trust's stock worth $121,811,000 after buying an additional 278,959 shares during the last quarter. Geode Capital Management LLC increased its position in Independence Realty Trust by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 5,857,943 shares of the real estate investment trust's stock valued at $120,108,000 after buying an additional 50,788 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Independence Realty Trust by 8.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,380,250 shares of the real estate investment trust's stock valued at $86,904,000 after buying an additional 352,307 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Independence Realty Trust by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,561,615 shares of the real estate investment trust's stock worth $70,662,000 after acquiring an additional 60,919 shares in the last quarter. 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.