Independence Realty Trust, Inc. (NYSE:IRT) Receives $19.57 Consensus Target Price from Analysts

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been assigned an average recommendation of “Moderate Buy” from the seven analysts that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $19.57.

A number of analysts have issued reports on IRT shares. Deutsche Bank Aktiengesellschaft lifted their price target on Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. JMP Securities upped their price target 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. BTIG Research boosted their price objective on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Finally, KeyCorp upped 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.

Institutional Trading of Independence Realty Trust

A number of large investors have recently bought and sold shares of the business. Texas Permanent School Fund Corp boosted its stake in shares of Independence Realty Trust by 1.2% during the first quarter. Texas Permanent School Fund Corp now owns 196,125 shares of the real estate investment trust’s stock worth $3,163,000 after buying an additional 2,378 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Independence Realty Trust by 152.9% during the first quarter. SG Americas Securities LLC now owns 198,561 shares of the real estate investment trust’s stock worth $3,203,000 after purchasing an additional 120,062 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in Independence Realty Trust in the 1st quarter valued at $1,673,000. Sei Investments Co. increased its stake in Independence Realty Trust by 12.2% in the 1st quarter. Sei Investments Co. now owns 215,463 shares of the real estate investment trust’s stock valued at $3,475,000 after buying an additional 23,345 shares during the period. Finally, Russell Investments Group Ltd. raised its position in Independence Realty Trust by 35.9% during the 1st quarter. Russell Investments Group Ltd. now owns 205,491 shares of the real estate investment trust’s stock worth $3,315,000 after buying an additional 54,279 shares during the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Trading Down 2.3 %

Independence Realty Trust stock opened at $20.61 on Friday. The stock has a market cap of $4.64 billion, a P/E ratio of 78.15, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The company has a fifty day simple moving average of $20.08 and a 200-day simple moving average of $18.87. Independence Realty Trust has a 12-month low of $12.50 and a 12-month high of $21.23.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Monday, September 30th were issued a $0.16 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.11%. Independence Realty Trust’s payout ratio is 237.04%.

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.