Wells Fargo & Company Begins Coverage on Independence Realty Trust (NYSE:IRT)

Equities research analysts at Wells Fargo & Company began coverage on shares of Independence Realty Trust (NYSE:IRT) in a report issued on Wednesday, MarketBeat.com 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 objective would suggest a potential upside of 15.08% from the company’s current price.

Several other equities analysts have also weighed in on the stock. JMP Securities reiterated a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, February 11th. Jefferies Financial Group raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and boosted their target price for the stock from $20.00 to $24.00 in a research report on Monday, March 10th. Finally, Barclays decreased their target price on shares of Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 19th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Independence Realty Trust currently has an average rating of “Moderate Buy” and an average target price of $22.00.

Independence Realty Trust Trading Down 0.4 %

Shares of NYSE IRT opened at $20.86 on Wednesday. The firm’s 50-day moving average price is $20.09 and its 200-day moving average price is $20.29. Independence Realty Trust has a 1-year low of $15.25 and a 1-year high of $22.26. The firm 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 data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share for the quarter, beating 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%. Equities research analysts forecast that Independence Realty Trust will post 1.19 EPS for the current year.

Institutional Investors Weigh In On Independence Realty Trust

A number of institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in Independence Realty Trust by 17.9% in the 4th quarter. Wellington Management Group LLP now owns 13,398,947 shares of the real estate investment trust’s stock worth $265,835,000 after purchasing an additional 2,037,968 shares in the last quarter. Jennison Associates LLC grew its position in Independence Realty Trust by 4.8% in 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 purchasing an additional 278,959 shares in the last quarter. Geode Capital Management LLC grew its position in Independence Realty Trust by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 5,857,943 shares of the real estate investment trust’s stock worth $120,108,000 after purchasing an additional 50,788 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Independence Realty Trust by 8.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,380,250 shares of the real estate investment trust’s stock worth $86,904,000 after purchasing an additional 352,307 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Independence Realty Trust by 1.7% in the 4th 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 purchasing an additional 60,919 shares in the last quarter. 88.25% of the stock is owned by institutional investors.

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.