Independence Realty Trust, Inc. (NYSE:IRT) Receives $21.14 Average Target Price from Analysts

Independence Realty Trust, Inc. (NYSE:IRT) has received an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $21.14.

Several research analysts recently weighed in on the company. Barclays initiated 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 on the stock. JMP Securities boosted their price target on Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Monday, September 9th. BMO Capital Markets raised shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $19.00 to $21.00 in a research report on Friday, November 15th. KeyCorp boosted 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. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th.

Institutional Trading of Independence Realty Trust

Several large investors have recently made changes to their positions in the business. Ashton Thomas Private Wealth LLC acquired a new position in Independence Realty Trust during the second quarter valued at $25,000. Mattson Financial Services LLC acquired a new position in shares of Independence Realty Trust in the 2nd quarter valued at about $28,000. V Square Quantitative Management LLC purchased a new stake in shares of Independence Realty Trust in the third quarter worth about $28,000. Blue Trust Inc. grew its holdings in Independence Realty Trust by 295.9% during the third quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 1,527 shares during the period. Finally, Assetmark Inc. purchased a new position in Independence Realty Trust during the third quarter valued at approximately $41,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Trading Up 0.2 %

NYSE IRT opened at $19.84 on Monday. The firm’s fifty day simple moving average is $20.73 and its two-hundred day simple moving average is $19.94. The firm has a market capitalization of $4.47 billion, a P/E ratio of 76.31, a P/E/G ratio of 3.07 and a beta of 1.19. Independence Realty Trust has a 12-month low of $14.07 and a 12-month high of $22.26.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date is Tuesday, December 31st. Independence Realty Trust’s dividend payout ratio is presently 246.15%.

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.