Independence Realty Trust (NYSE: IRT – Get Appraisal) was assigned a price target of $24.50 by investment analysts Compass Point in a note released Monday to investors, Stock Target Advisor reports. Compass Point’s target price suggests a potential upside of 19.05% from the company’s previous close.

Several other equity research analysts have also recently commented on the stock. BTIG Research began covering shares of Independence Realty Trust in a research note on Monday, May 9. They issued a “buy” rating and a target price of $27.00 on the stock. TheStreet downgraded shares of Independence Realty Trust from a “b-” rating to a “c+” rating in a Tuesday, May 31 research report. Barclays cut its price target on Independence Realty Trust shares from $30.00 to $28.00 in a Tuesday May 10 research report. StockNews.com began covering Independence Realty Trust stocks in a research report on Thursday, March 31. They put a “sell” mark on the stock. Finally, Deutsche Bank Aktiengesellschaft raised its price target on Independence Realty Trust shares from $29.00 to $30.00 and gave the stock a “buy” rating in a Thursday 24 research report. march. One analyst rated the stock with a sell rating, two rated the stock with a hold rating, and ten rated the stock with a buy rating. According to MarketBeat.com, the company currently 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 company has a market capitalization 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 minimum of $16.50 and a one-year maximum of $28.42.

Independence Realty Trust (NYSE:IRT – Get Rating) last reported quarterly results on Tuesday, May 3. The real estate investment trust reported earnings per share (EPS) of $0.34 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 company posted EPS of $0.18. On average, analysts predict Independence Realty Trust will post 1.05 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently changed their holdings in the company. BlackRock Inc. increased 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 REIT valued at $1,043,399,000 after purchasing an additional 19,735,415 shares in the last quarter. Vanguard Group Inc. increased its stake in Independence Realty Trust to 98.9% during the 1st quarter. Vanguard Group Inc. now owns 24,329,328 shares of the real estate investment trust worth $643,267,000 after purchasing an additional 12,099,993 shares in the last quarter. State Street Corp increased its stake in Independence Realty Trust by 121.7% in Q1. State Street Corp now owns 12,302,671 shares of the real estate investment trust worth $326,733,000 after buying an additional 6,753,959 shares last quarter. Wellington Management Group LLP increased its stake in Independence Realty Trust by 1.4% in Q1. Wellington Management Group LLP now owns 7,494,895 shares of the real estate investment trust worth $198,165,000 after buying an additional 101,479 shares last quarter. Finally, Deutsche Bank AG increased its stake 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 worth $154,340,000 after buying an additional 334,421 shares last quarter. 82.42% of the shares are currently held by hedge funds and other institutional investors.

About Independence Realty Trust (Get an evaluation)

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

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