Independence Realty Trust, Inc. (NYSE:IRT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Independence Realty Trust, Inc. (NYSE:IRT) has earned an average recommendation of “Moderate Buy” from the seven brokerages that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $21.14.

IRT has been the topic of several research reports. Barclays began coverage on shares of Independence Realty Trust in a report on Tuesday, December 17th. They set an “equal weight” rating and a $23.00 price target on the stock. BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $19.00 to $21.00 in a research note on Friday, November 15th.

Institutional Trading of Independence Realty Trust

Several large investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA increased its position in shares of 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 valued at $82,573,000 after purchasing an additional 2,829,247 shares during the last quarter. Wellington Management Group LLP boosted its stake in Independence Realty Trust by 24.4% in the third quarter. Wellington Management Group LLP now owns 11,360,979 shares of the real estate investment trust’s stock valued at $232,900,000 after acquiring an additional 2,225,371 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Independence Realty Trust by 419.2% during the 3rd 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 acquiring an additional 1,157,052 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Independence Realty Trust by 38.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust’s stock worth $51,150,000 after purchasing an additional 686,630 shares during the last quarter. Finally, Easterly Investment Partners LLC bought a new stake in shares of Independence Realty Trust in the 3rd quarter worth approximately $11,132,000. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Stock Up 0.6 %

Independence Realty Trust stock opened at $18.79 on Friday. The stock has a market cap of $4.23 billion, a PE ratio of 16.81, a P/E/G ratio of 2.68 and a beta of 1.21. Independence Realty Trust has a 12-month low of $14.07 and a 12-month high of $22.26. The business’s 50-day moving average price is $20.40 and its two-hundred day moving average price is $20.00.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend was Tuesday, December 31st.

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.