Independence Realty Trust, Inc. (NYSE:IRT) announced a quarterly dividend on Monday, September 13th, Zacks reports. Stockholders of record on Friday, October 1st will be given a dividend of 0.12 per share by the real estate investment trust on Friday, October 22nd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Thursday, September 30th.
Independence Realty Trust has decreased its dividend payment by 25.0% over the last three years.
IRT opened at $20.15 on Wednesday. The company’s 50 day moving average is $19.84 and its 200-day moving average is $17.66. Independence Realty Trust has a 1-year low of $10.84 and a 1-year high of $21.00. The company has a market cap of $2.12 billion, a P/E ratio of 106.05, a PEG ratio of 12.17 and a beta of 0.94.
A number of research firms have recently weighed in on IRT. TheStreet upgraded shares of Independence Realty Trust from a “c” rating to a “b-” rating in a report on Monday, July 26th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company a “buy” rating in a report on Wednesday, May 26th. Zacks Investment Research upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Thursday, August 5th. KeyCorp raised their price target on shares of Independence Realty Trust from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, August 12th. Finally, Colliers Securities restated a “buy” rating and set a $20.00 price target on shares of Independence Realty Trust in a report on Tuesday, July 20th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $18.06.
An institutional investor recently raised its position in Independence Realty Trust stock. Morgan Stanley lifted its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 26.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 527,632 shares of the real estate investment trust’s stock after buying an additional 111,942 shares during the quarter. Morgan Stanley owned about 0.50% of Independence Realty Trust worth $9,619,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 94.56% of the company’s stock.
Independence Realty Trust Company Profile
Independence Realty Trust, Inc is a real estate investment trust, which acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. It aims to provide stockholders risk-adjusted returns through diligent portfolio management, operational performance and consistent return of capital through distributions and capital appreciation.
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