Independence Realty Trust (NYSE:IRT) Upgraded by BMO Capital Markets to “Market Perform” Rating

Independence Realty Trust (NYSE:IRT) was upgraded by analysts at BMO Capital Markets from an “underperform” rating to a “market perform” rating in a research report issued on Friday, MarketBeat Ratings reports. The firm presently has a $21.00 price target on the real estate investment trust’s stock, up from their previous price target of $19.00. BMO Capital Markets’ price target suggests a potential upside of 0.05% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. BTIG Research upped their price target on shares of Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a report on Monday, August 12th. KeyCorp increased their price objective 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. Finally, JMP Securities boosted their target price on Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report on Monday, September 9th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.43.

Independence Realty Trust Price Performance

NYSE:IRT opened at $20.99 on Friday. The firm has a market capitalization of $4.72 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 3.00 and a beta of 1.17. The business has a 50 day simple moving average of $20.14 and a 200-day simple moving average of $18.99. Independence Realty Trust has a 1 year low of $12.99 and a 1 year high of $21.23.

Institutional Trading of Independence Realty Trust

A number of large investors have recently modified their holdings of IRT. Sei Investments Co. increased its holdings in Independence Realty Trust by 12.2% during the 1st quarter. Sei Investments Co. now owns 215,463 shares of the real estate investment trust’s stock worth $3,475,000 after purchasing an additional 23,345 shares during the period. Russell Investments Group Ltd. grew its position in shares of Independence Realty Trust by 35.9% during the 1st quarter. Russell Investments Group Ltd. now owns 205,491 shares of the real estate investment trust’s stock worth $3,315,000 after buying an additional 54,279 shares in the last quarter. Avantax Advisory Services Inc. purchased a new position in shares of Independence Realty Trust during the first quarter valued at $188,000. ProShare Advisors LLC raised its holdings in shares of Independence Realty Trust by 4.7% in the first quarter. ProShare Advisors LLC now owns 51,517 shares of the real estate investment trust’s stock valued at $831,000 after acquiring an additional 2,319 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Independence Realty Trust by 1.1% in the first quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock worth $528,165,000 after acquiring an additional 343,334 shares during the period. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Company Profile

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.