Independence Realty Trust, Inc. (NYSE:IRT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Independence Realty Trust, Inc. (NYSE:IRT) has earned a consensus rating of “Moderate Buy” from the seven ratings firms that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and six have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $19.57.

IRT has been the topic of a number of recent research reports. JMP Securities upped their target price 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. Deutsche Bank Aktiengesellschaft upped their price objective on Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. KeyCorp lifted their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, BTIG Research increased their price target on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 12th.

Independence Realty Trust Price Performance

NYSE IRT opened at $20.93 on Friday. Independence Realty Trust has a 1 year low of $11.61 and a 1 year high of $21.20. The company has a market capitalization of $4.71 billion, a PE ratio of -697.50, a P/E/G ratio of 3.00 and a beta of 1.17. The company has a fifty day moving average of $19.78 and a 200 day moving average of $17.81.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Monday, September 30th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Monday, September 30th. Independence Realty Trust’s dividend payout ratio is currently -2,133.33%.

Institutional Trading of Independence Realty Trust

A number of hedge funds have recently bought and sold shares of the business. American Trust acquired a new stake in shares of Independence Realty Trust in the 2nd quarter worth $231,000. Creative Planning raised its stake in Independence Realty Trust by 12.9% during the second quarter. Creative Planning now owns 98,962 shares of the real estate investment trust’s stock worth $1,855,000 after purchasing an additional 11,338 shares during the period. Algert Global LLC purchased a new position in Independence Realty Trust during the second quarter worth about $592,000. Makena Capital Management LLC acquired a new position in Independence Realty Trust in the 2nd quarter valued at about $10,039,000. Finally, Employees Retirement System of Texas purchased a new stake in shares of Independence Realty Trust in the 2nd quarter valued at approximately $2,061,000. Institutional investors and hedge funds 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.