Independence Realty Trust Inc. [IRT] is -8.98% lower this YTD. Is it still time to buy?


Independence Realty Trust Inc. [NYSE: IRT] slipped around -0.56 points on Tuesday, while shares priced at $23.51 at the close of the session, down -2.33%. The company report on May 18, 2022 that Independence Realty Trust Announces $250 Million Share Repurchase Authorization and Increases Quarterly Dividend By 17%.

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Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) today announced that its Board of Directors authorized a repurchase program of up to $250 million of the Company’s common stock. The Board also approved a quarterly dividend of $0.14 per share of IRT common stock, which represents a 17% increase in the dividend over the prior quarterly rate of $0.12 per share. The dividend is payable on July 22, 2022 to shareholders of record at the close of business on July 1, 2022.

“Today’s announcement underscores the strength of our business model and our balance sheet, while providing us with the flexibility to unlock value for our shareholders,” said Scott Schaeffer, Chairman and CEO of IRT. “We will continue to execute a disciplined capital allocation strategy that balances our organic growth initiatives, while optimizing our leverage position over time and enhancing our capital return program.”.

Independence Realty Trust Inc. stock is now -8.98% down from its year-to-date (YTD) trading value. IRT Stock saw the intraday high of $23.92 and lowest of $23.265 per share. The company’s 52-week high price is 28.42, which means current price is +10.12% above from all time high which was touched on 04/21/22.

Compared to the average trading volume of 5.57M shares, IRT reached a trading volume of 13184089 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Independence Realty Trust Inc. [IRT]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for IRT shares is $27.27 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on IRT stock is a recommendation set at 1.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

BTIG Research have made an estimate for Independence Realty Trust Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on May 09, 2022. While these analysts kept the previous recommendation, Jefferies raised their target price to Buy. The new note on the price target was released on April 22, 2022, representing the official price target for Independence Realty Trust Inc. stock. Previously, the target price had yet another raise to $30, while Barclays analysts kept a Overweight rating on IRT stock.

The Average True Range (ATR) for Independence Realty Trust Inc. is set at 0.87, with the Price to Sales ratio for IRT stock in the period of the last 12 months amounting to 14.60. The Price to Book ratio for the last quarter was 1.46, with the Price to Cash per share for the same quarter was set at 0.11.

How has IRT stock performed recently?

Independence Realty Trust Inc. [IRT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.75. With this latest performance, IRT shares dropped by -13.76% in over the last four-week period, additionally sinking by -5.88% over the last 6 months – not to mention a rise of 35.58% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for IRT stock in for the last two-week period is set at 45.65, with the RSI for the last a single of trading hit 49.94, and the three-weeks RSI is set at 44.58 for Independence Realty Trust Inc. [IRT]. The present Moving Average for the last 50 days of trading for this stock 25.40, while it was recorded at 23.47 for the last single week of trading, and 23.71 for the last 200 days.

Independence Realty Trust Inc. [IRT]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Independence Realty Trust Inc. [IRT] shares currently have an operating margin of +20.97 and a Gross Margin at +29.46. Independence Realty Trust Inc.’s Net Margin is presently recorded at +17.49.

Return on Equity for this stock inclined to 2.11, with Return on Assets sitting at 1.07.

Earnings analysis for Independence Realty Trust Inc. [IRT]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for IRT. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Independence Realty Trust Inc. go to 5.00%.

Insider trade positions for Independence Realty Trust Inc. [IRT]

There are presently around $4,644 million, or 87.40% of IRT stock, in the hands of institutional investors. The top three institutional holders of IRT stocks are: BLACKROCK INC. with ownership of 39,462,883, which is approximately 100.04% of the company’s market cap and around 0.70% of the total institutional ownership; VANGUARD GROUP INC, holding 24,329,328 shares of the stock with an approximate value of $585.61 million in IRT stocks shares; and STATE STREET CORP, currently with $296.12 million in IRT stock with ownership of nearly 121.721% of the company’s market capitalization.

Positions in Independence Realty Trust Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 225 institutional holders increased their position in Independence Realty Trust Inc. [NYSE:IRT] by around 71,597,553 shares. Additionally, 177 investors decreased positions by around 20,032,319 shares, while 46 investors held positions by with 101,322,806 shares. The mentioned changes placed institutional holdings at 192,952,678 shares, according to the latest SEC report filing. IRT stock had 72 new institutional investments in for a total of 4,051,298 shares, while 64 institutional investors sold positions of 6,902,161 shares during the same period.