Analysts Set Independence Realty Trust, Inc. (NYSE:IRT) Target Price at $21.71

Independence Realty Trust, Inc. (NYSE:IRT) has been assigned an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the stock, 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 12-month target price among brokers that have issued ratings on the stock in the last year is $21.71.

Several research firms have recently weighed in on IRT. JMP Securities reiterated a “market outperform” rating and issued a $22.00 target price on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Barclays reduced their price objective on shares of Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 19th. Finally, Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and increased their target price for the stock from $20.00 to $24.00 in a research report on Monday, March 10th.

Independence Realty Trust Trading Up 0.0 %

Independence Realty Trust stock opened at $20.98 on Friday. The business’s 50 day simple moving average is $19.97 and its 200 day simple moving average is $20.28. Independence Realty Trust has a 12 month low of $15.23 and a 12 month high of $22.26. The company has a market cap of $4.85 billion, a price-to-earnings ratio of 116.58, a PEG ratio of 2.91 and a beta of 1.19.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. As a group, equities research analysts forecast that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Friday, March 28th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.64 annualized dividend and a dividend yield of 3.05%. Independence Realty Trust’s payout ratio is currently 355.56%.

Institutional Trading of Independence Realty Trust

A number of large investors have recently modified their holdings of the business. Global Retirement Partners LLC increased its position in shares of Independence Realty Trust by 66.0% in the fourth quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 521 shares during the last quarter. Assetmark Inc. bought a new position in shares of Independence Realty Trust in the 3rd quarter worth $41,000. SRS Capital Advisors Inc. raised its position in shares of Independence Realty Trust by 627.5% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 2,008 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Independence Realty Trust by 67.1% during the 4th quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Blue Trust Inc. grew its position in Independence Realty Trust by 33.9% in the fourth quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock worth $56,000 after acquiring an additional 692 shares in the last quarter. 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.