Independence Realty Trust, Inc. (NYSE:IRT) Receives $19.57 Average PT from Analysts

Independence Realty Trust, Inc. (NYSE:IRT) has received a consensus recommendation of “Moderate Buy” from the seven brokerages that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $20.43.

IRT has been the topic of several recent research reports. KeyCorp lifted their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and lifted their price target for the stock from $19.00 to $21.00 in a report on Friday. BTIG Research increased their price objective on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a report on Monday, August 12th. Deutsche Bank Aktiengesellschaft lifted their target price on Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, JMP Securities raised their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Monday, September 9th.

Hedge Funds Weigh In On Independence Realty Trust

A number of institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC increased its stake in shares of 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 valued at $120,108,000 after acquiring an additional 50,788 shares in the last quarter. M&T Bank Corp raised its holdings in shares of Independence Realty Trust by 21.5% during the third quarter. M&T Bank Corp now owns 42,364 shares of the real estate investment trust’s stock valued at $868,000 after purchasing an additional 7,492 shares during the period. Barclays PLC boosted its position in shares of Independence Realty Trust by 182.3% during the 3rd quarter. Barclays PLC now owns 400,376 shares of the real estate investment trust’s stock worth $8,208,000 after purchasing an additional 258,549 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Independence Realty Trust by 0.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 322,226 shares of the real estate investment trust’s stock valued at $6,606,000 after buying an additional 2,673 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its position in Independence Realty Trust by 0.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 281,800 shares of the real estate investment trust’s stock valued at $5,777,000 after buying an additional 900 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock opened at $20.99 on Friday. The firm has a market capitalization of $4.72 billion, a P/E ratio of 18.34, a P/E/G ratio of 2.99 and a beta of 1.17. The company’s 50 day moving average price is $20.14 and its two-hundred day moving average price is $18.97. Independence Realty Trust has a fifty-two week low of $12.99 and a fifty-two week high of $21.23.

Independence Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were issued a $0.16 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.64 dividend on an annualized basis and a yield of 3.05%.

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.