Brokerages Set Independence Realty Trust, Inc. (NYSE:IRT) PT at $21.14

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $21.14.

IRT has been the subject of several recent analyst reports. Barclays began coverage on Independence Realty Trust in a research note on Tuesday, December 17th. They set an “equal weight” rating and a $23.00 target price for the company. JMP Securities increased their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Monday, September 9th. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $19.00 to $21.00 in a report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th.

Institutional Trading of Independence Realty Trust

Institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its holdings in shares of Independence Realty Trust by 2.8% during the second quarter. Bank of New York Mellon Corp now owns 2,468,193 shares of the real estate investment trust’s stock valued at $46,254,000 after acquiring an additional 68,117 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Independence Realty Trust by 2,295.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 35,255 shares of the real estate investment trust’s stock valued at $661,000 after purchasing an additional 33,783 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Independence Realty Trust by 14.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,458 shares of the real estate investment trust’s stock valued at $1,864,000 after buying an additional 12,180 shares in the last quarter. Signaturefd LLC grew its stake in Independence Realty Trust by 38.0% during the second quarter. Signaturefd LLC now owns 17,667 shares of the real estate investment trust’s stock worth $331,000 after buying an additional 4,864 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Independence Realty Trust by 15.3% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 42,537 shares of the real estate investment trust’s stock worth $797,000 after buying an additional 5,644 shares in the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

Shares of IRT opened at $19.92 on Monday. Independence Realty Trust has a one year low of $14.07 and a one year high of $22.26. The company’s fifty day moving average price is $20.73 and its 200 day moving average price is $19.97. The company has a market capitalization of $4.48 billion, a PE ratio of 76.62, a price-to-earnings-growth ratio of 3.07 and a beta of 1.21.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st will be issued a $0.16 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.21%. Independence Realty Trust’s payout ratio is presently 246.15%.

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.