Independence Realty Trust (NYSE:IRT) Reaches New 12-Month High at $18.60

Independence Realty Trust, Inc. (NYSE:IRT) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $18.60 and last traded at $18.53, with a volume of 46169 shares trading hands. The stock had previously closed at $18.46.

Wall Street Analysts Forecast Growth

Separately, JMP Securities increased their price objective on Independence Realty Trust from $15.00 to $17.00 and gave the company a “market outperform” rating in a research note on Wednesday, March 6th. Two research analysts have rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $17.00.

Independence Realty Trust Stock Performance

The stock has a market cap of $4.22 billion, a price-to-earnings ratio of -624.46, a PEG ratio of 2.71 and a beta of 1.12. The company has a 50-day moving average of $17.01 and a 200-day moving average of $15.96.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 19th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend is Friday, June 28th. Independence Realty Trust’s dividend payout ratio (DPR) is -2,132.62%.

Hedge Funds Weigh In On Independence Realty Trust

Several hedge funds have recently bought and sold shares of IRT. State of Alaska Department of Revenue lifted its position in Independence Realty Trust by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 131,019 shares of the real estate investment trust’s stock worth $2,112,000 after purchasing an additional 671 shares during the period. Taylor Frigon Capital Management LLC lifted its position in Independence Realty Trust by 1.0% in the first quarter. Taylor Frigon Capital Management LLC now owns 78,646 shares of the real estate investment trust’s stock worth $1,269,000 after purchasing an additional 750 shares during the period. Penserra Capital Management LLC lifted its position in Independence Realty Trust by 2.5% in the third quarter. Penserra Capital Management LLC now owns 31,415 shares of the real estate investment trust’s stock worth $441,000 after purchasing an additional 774 shares during the period. Lindbrook Capital LLC lifted its position in Independence Realty Trust by 19.8% in the fourth quarter. Lindbrook Capital LLC now owns 6,379 shares of the real estate investment trust’s stock worth $98,000 after purchasing an additional 1,054 shares during the period. Finally, Bailard Inc. lifted its position in Independence Realty Trust by 6.5% in the fourth quarter. Bailard Inc. now owns 18,215 shares of the real estate investment trust’s stock worth $279,000 after purchasing an additional 1,115 shares during the period. 88.25% of the stock is owned by hedge funds and other institutional investors.

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.