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

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $21.14.

Several research firms recently commented on IRT. KeyCorp boosted their price target 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. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. JMP Securities raised their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Monday, September 9th. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $19.00 to $21.00 in a report on Friday, November 15th. Finally, Barclays began coverage on shares of Independence Realty Trust in a research report on Tuesday, December 17th. They issued an “equal weight” rating and a $23.00 price objective for the company.

Independence Realty Trust Price Performance

NYSE:IRT opened at $19.96 on Monday. The business’s 50-day moving average is $20.71 and its two-hundred day moving average is $19.91. The firm has a market capitalization of $4.49 billion, a PE ratio of 76.77, a price-to-earnings-growth ratio of 3.07 and a beta of 1.19. Independence Realty Trust has a 12 month low of $14.07 and a 12 month high of $22.26.

Independence Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.21%. The ex-dividend date is Tuesday, December 31st. Independence Realty Trust’s payout ratio is currently 246.15%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Hilton Capital Management LLC acquired a new stake in Independence Realty Trust during the third quarter worth about $7,573,000. SMART Wealth LLC acquired a new stake in shares of Independence Realty Trust during the 3rd quarter worth approximately $873,000. Barclays PLC lifted its holdings in shares of Independence Realty Trust by 182.3% in the 3rd quarter. Barclays PLC now owns 400,376 shares of the real estate investment trust’s stock worth $8,208,000 after purchasing an additional 258,549 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Independence Realty Trust during the 3rd quarter valued at approximately $1,594,000. Finally, Franklin Resources Inc. grew its stake in Independence Realty Trust by 12.3% during the 3rd quarter. Franklin Resources Inc. now owns 256,234 shares of the real estate investment trust’s stock worth $4,981,000 after buying an additional 28,059 shares during the last quarter. 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.