Brokerages Set Independence Realty Trust, Inc. (NYSE:IRT) Price Target at $19.57

Independence Realty Trust, Inc. (NYSE:IRT) has been given an average rating of “Moderate Buy” by the seven ratings firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $19.57.

Several research analysts recently weighed in on IRT shares. JMP Securities boosted their target price on Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Monday, September 9th. KeyCorp boosted their target price on Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Deutsche Bank Aktiengesellschaft boosted their target price on Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Finally, BTIG Research boosted their price target on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 12th.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IRT. Ashton Thomas Private Wealth LLC purchased a new position in shares of Independence Realty Trust during the second quarter worth about $25,000. Pathway Financial Advisers LLC acquired a new stake in shares of Independence Realty Trust during the 1st quarter valued at approximately $31,000. Lazard Asset Management LLC acquired a new stake in shares of Independence Realty Trust during the 1st quarter valued at approximately $40,000. Advisors Asset Management Inc. lifted its position in shares of Independence Realty Trust by 146.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,833 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 1,684 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new stake in shares of Independence Realty Trust during the 2nd quarter valued at approximately $64,000. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Independence Realty Trust Price Performance

Shares of IRT stock opened at $20.76 on Friday. Independence Realty Trust has a 1-year low of $11.61 and a 1-year high of $21.20. The stock’s fifty day moving average price is $19.87 and its 200 day moving average price is $17.91. The company has a market cap of $4.67 billion, a price-to-earnings ratio of -691.60, a price-to-earnings-growth ratio of 3.10 and a beta of 1.17.

Independence Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Monday, September 30th will be given a $0.16 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.64 annualized dividend and a yield of 3.08%. Independence Realty Trust’s payout ratio is -2,132.62%.

About Independence Realty Trust

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.