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

Independence Realty Trust, Inc. (NYSE:IRT) has been assigned a consensus recommendation of “Moderate Buy” from the seven research firms that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $20.43.

IRT has been the topic of a number of research analyst reports. KeyCorp boosted their target price on Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. BTIG Research boosted their target price on Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. 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 report on Monday, September 9th. BMO Capital Markets upgraded Independence Realty Trust from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $19.00 to $21.00 in a research report on Friday, November 15th. 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 report on Tuesday, September 10th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IRT. Massachusetts Financial Services Co. MA lifted its holdings in Independence Realty Trust by 236.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,027,943 shares of the real estate investment trust’s stock worth $82,573,000 after buying an additional 2,829,247 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Independence Realty Trust by 24.4% during the third 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Independence Realty Trust by 419.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,433,058 shares of the real estate investment trust’s stock valued at $29,378,000 after buying an additional 1,157,052 shares in the last quarter. B&I Capital AG purchased a new position in shares of Independence Realty Trust during the second quarter valued at $10,900,000. Finally, Easterly Investment Partners LLC purchased a new position in Independence Realty Trust in the third quarter valued at about $11,132,000. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

Shares of IRT stock opened at $21.23 on Thursday. The business’s fifty day moving average price is $20.35 and its 200 day moving average price is $19.43. Independence Realty Trust has a 1-year low of $13.95 and a 1-year high of $22.26. The firm has a market capitalization of $4.78 billion, a PE ratio of 18.84, a P/E/G ratio of 3.07 and a beta of 1.19.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Monday, September 30th were paid 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 3.01%.

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.