Independence Realty Trust Inc. (NYSE:IRT) finished Friday with an addition of $0.15 to close at $16.47, an upside of 0.92 percent. An average of 1,218,080 shares of common stock have been traded in the last five days. There was a gain of $0.42 in the past week, and it reached a new high 1 time over the past 12 months. The last 20 days have seen an average of 1,461,325 shares traded, while the 50-day average volume stands at 1,623,168.
IRT stock has decreased by -2.14% in the last month. The company shares reached their 1-month lowest point of $15.75 on 08/21/23. With the stock rallying to its 52-week high on 02/02/23, shares of the company touched a low of $14.55 and a high of $20.41 in 52 weeks. It has reached a new high 13 times so far this year and lost -2.31% or -$0.39 in price. In spite of this, the price is down -19.30% from the 52-week high.
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Insider Transactions
IRT stock investors should be aware that Independence Realty Trust Inc. (IRT) stock had its last reported insider trading activity 262 days ago on Dec 07. In this transaction, the insider spent $287,483. Chair of Board & CEO, SCHAEFFER SCOTT, disposed of 155,830 shares at a price of $17.24 on Dec 06. The insider now owns more than $2,686,509 worth of shares.
Valuation Metrics
Independence Realty Trust Inc. (IRT) has a trailing price-to-earnings (P/E) ratio of 53.47. The stock’s beta is 0.98. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 5.69, the price-to-book (PB) ratio at 1.04, and the price-to-cash flow ratio at 51.67.
The company has a payout ratio of 97.70%. The company’s most recent quarterly dividend payment was $0.16 a share, representing a up of 14.29% from $0.14 last year. Its latest increase dividend $0.02 reported on Wednesday May 10 2023.
Financial Health
Further, the company has a long term debt to equity ratio of 0.74 and a total debt to equity ratio of 0.75 for the quarter ending June 29. Its gross profit as reported stood at $101.97 million compared to revenue of $628.52 million.
For investors, determining the potential profitability of the investment also depends on the performance of the company’s management. In the past 12 months, Independence Realty Trust Inc.’s return on assets was 1.10%.
Earnings Surprise
In the quarter under review, the net income was up than the previous quarter. The company posted a net income of $10.71 million in the quarter, while revenues of $8.65 million were grew 167.32%. The analyst consensus anticipated Independence Realty Trust Inc.’s latest quarter earnings to come in at $0.05 per share, but it turned out to be $0.05, a 0.00% surprise. For the quarter, EBITDA amounted to $89.3 million. At the end of the quarter ending June 29, Independence Realty Trust Inc.’s stock balance sheet showed total debt was $2.61 billion. Shareholders own equity worth $224.71 million.
Technical Picture
From a technical analysis perspective, let’s take a brief look at Independence Realty Trust Inc. (IRT) price momentum. RSI 9-day as of the close on 25 August was 54.65%, suggesting the stock is Neutral, with historical volatility in this time frame at 13.70%.
As of today, IRT’s price is $16.18 +2.62% or $0.42 from its 5-day moving average. IRT is currently trading -2.26% lower than its 20-day SMA and +2.81% higher than its 100-day SMA. However, the stock’s current price level is -11.07% below the SMA50 and +0.37% above the SMA200.
The stochastic %K and %D were 61.21% and 41.08%, respectively, and the average true range (ATR) was 0.32. With the 14-day stochastic at 83.72% and the average true range at 0.34, the RSI (14) stands at 47.13%. The stock has reached 0.25 on the 9-day MACD Oscillator while the 14-day reading was at 0.16.
Analyst Ratings
BMO Capital Markets downgraded Independence Realty Trust Inc. (NYSE: IRT) to a a Market perform rating in its most recent analyst report. Previously, the stock was rated as an Outperform. The consensus rating for Independence Realty Trust Inc. (IRT) among analysts is Overweight. According to current brokerage recommendations, 0 brokerage firms advise that investors sell IRT, while 3 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 1 analysts, while 6 others rate it as a “buy”.
What is IRT’s price target for the next 12 months?
Analysts predict a range of price targets between $17.00 and $25.00, with a median target of $20.50. Taking a look at these predictions, the average price target given by analysts for Independence Realty Trust Inc. (IRT) stock is $20.70.
