Independence Realty Trust (NYSE:IRT) Rating Increased to Market Perform at BMO Capital Markets

BMO Capital Markets upgraded shares of Independence Realty Trust (NYSE:IRT) from an underperform rating to a market perform rating in a report published on Friday, MarketBeat Ratings reports. The firm currently has $21.00 price target on the real estate investment trust’s stock, up from their prior price target of $19.00.

Several other research analysts have also recently commented on IRT. JMP Securities boosted 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. BTIG Research raised their price target on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 12th. KeyCorp lifted their price target on Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.43.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock opened at $21.25 on Friday. The stock has a market capitalization of $4.78 billion, a price-to-earnings ratio of 18.29, a price-to-earnings-growth ratio of 3.00 and a beta of 1.17. The business has a 50-day moving average of $20.17 and a 200 day moving average of $19.05. Independence Realty Trust has a 12 month low of $12.99 and a 12 month high of $21.29.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Monday, September 30th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend was Monday, September 30th.

Institutional Trading of Independence Realty Trust

Several large investors have recently bought and sold shares of IRT. Vanguard Group Inc. lifted its holdings in shares of Independence Realty Trust by 1.1% in the first quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock valued at $528,165,000 after purchasing an additional 343,334 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Independence Realty Trust by 24.4% during the 3rd quarter. Wellington Management Group LLP now owns 11,360,979 shares of the real estate investment trust’s stock worth $232,900,000 after purchasing an additional 2,225,371 shares during the last quarter. Long Pond Capital LP grew its stake in Independence Realty Trust by 204.7% in the 1st quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock worth $167,986,000 after acquiring an additional 6,996,365 shares during the period. Jennison Associates LLC boosted its holdings in shares of Independence Realty Trust by 1.4% during the third quarter. Jennison Associates LLC now owns 5,860,693 shares of the real estate investment trust’s stock worth $120,144,000 after purchasing an additional 83,030 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Independence Realty Trust by 0.9% during the third quarter. Geode Capital Management LLC now owns 5,857,943 shares of the real estate investment trust’s stock worth $120,108,000 after buying an additional 50,788 shares during the period. 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.