Independence Realty Trust (NYSE:IRT) Sets New 12-Month High – Here’s What Happened

Independence Realty Trust, Inc. (NYSE:IRT) hit a new 52-week high on Monday . The company traded as high as $21.27 and last traded at $21.22, with a volume of 295955 shares traded. The stock had previously closed at $20.99.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on IRT shares. JMP Securities boosted 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. KeyCorp increased their price target on Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. BTIG Research lifted 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 increased 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, BMO Capital Markets raised shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and lifted their price target for the company from $19.00 to $21.00 in a research note on Friday. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.43.

Independence Realty Trust Stock Up 1.2 %

The firm has a market cap of $4.78 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 3.00 and a beta of 1.17. The company’s fifty day moving average is $20.14 and its 200 day moving average is $19.01.

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Monday, September 30th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.01%. The ex-dividend date was Monday, September 30th.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Ashton Thomas Private Wealth LLC bought a new stake in shares of Independence Realty Trust during the 2nd quarter worth approximately $25,000. Mattson Financial Services LLC acquired a new position in Independence Realty Trust during the second quarter worth $28,000. V Square Quantitative Management LLC bought a new stake in Independence Realty Trust during the third quarter worth $28,000. Pathway Financial Advisers LLC acquired a new stake in Independence Realty Trust in the first quarter valued at $31,000. Finally, Blue Trust Inc. grew its position in shares of Independence Realty Trust by 295.9% in the 3rd quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 1,527 shares during the period. 88.25% of the stock is owned by institutional investors and hedge funds.

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.