Independence Realty Trust (NYSE:IRT) Reaches New 52-Week High at $21.20

Independence Realty Trust, Inc. (NYSE:IRT)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $21.20 and last traded at $21.13, with a volume of 1072119 shares trading hands. The stock had previously closed at $20.85.

Wall Street Analysts Forecast Growth

IRT has been the subject of a number of research analyst reports. KeyCorp increased their price target on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Deutsche Bank Aktiengesellschaft increased their price objective on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. JMP Securities increased their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Monday, September 9th. Finally, 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. Two equities research analysts have rated the stock with a sell rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Independence Realty Trust currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.57.

Independence Realty Trust Price Performance

The stock has a market capitalization of $4.75 billion, a price-to-earnings ratio of -695.00, a price-to-earnings-growth ratio of 3.00 and a beta of 1.17. The firm has a fifty day moving average of $19.69 and a 200 day moving average of $17.75.

Independence Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Monday, September 30th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.03%. The ex-dividend date is Monday, September 30th. Independence Realty Trust’s dividend payout ratio (DPR) is -2,133.33%.

Hedge Funds Weigh In On Independence Realty Trust

A number of hedge funds have recently bought and sold shares of IRT. Ashton Thomas Private Wealth LLC purchased a new position in Independence Realty Trust during the second quarter worth approximately $25,000. Pathway Financial Advisers LLC purchased a new position in Independence Realty Trust during the first quarter worth approximately $31,000. Lazard Asset Management LLC purchased a new position in Independence Realty Trust during the first quarter worth approximately $40,000. Advisors Asset Management Inc. boosted its position in Independence Realty Trust by 146.6% during the first quarter. Advisors Asset Management Inc. now owns 2,833 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 1,684 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new position in shares of Independence Realty Trust in the second quarter valued at approximately $64,000. Hedge funds and other institutional investors own 88.25% of the company’s stock.

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.