Barclays Cuts Independence Realty Trust (NYSE:IRT) Price Target to $21.00

Independence Realty Trust (NYSE:IRT) had its price target decreased by Barclays from $23.00 to $21.00 in a report issued on Friday,Benzinga reports. Barclays currently has an equal weight rating on the real estate investment trust’s stock.

Separately, BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their price target for the company from $19.00 to $21.00 in a research note on Friday, November 15th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.86.

Independence Realty Trust Stock Performance

IRT opened at $18.80 on Friday. Independence Realty Trust has a one year low of $14.07 and a one year high of $22.26. The company has a market cap of $4.23 billion, a P/E ratio of 16.38, a PEG ratio of 2.61 and a beta of 1.21. The business’s 50-day simple moving average is $20.31 and its 200-day simple moving average is $20.00.

Independence Realty Trust Announces Dividend

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

Institutional Trading of Independence Realty Trust

Several institutional investors and hedge funds have recently bought and sold shares of the business. abrdn plc increased its stake in Independence Realty Trust by 60.6% in the fourth quarter. abrdn plc now owns 72,547 shares of the real estate investment trust’s stock valued at $1,436,000 after purchasing an additional 27,377 shares during the period. Jennison Associates LLC grew its holdings in shares of Independence Realty Trust by 4.8% during the fourth quarter. Jennison Associates LLC now owns 6,139,652 shares of the real estate investment trust’s stock worth $121,811,000 after buying an additional 278,959 shares during the last quarter. Perigon Wealth Management LLC acquired a new position in Independence Realty Trust in the 4th quarter valued at about $222,000. Foundations Investment Advisors LLC raised its stake in Independence Realty Trust by 26.1% during the 4th quarter. Foundations Investment Advisors LLC now owns 16,797 shares of the real estate investment trust’s stock valued at $333,000 after acquiring an additional 3,481 shares during the last quarter. Finally, KBC Group NV lifted its position in Independence Realty Trust by 43.6% during the 4th quarter. KBC Group NV now owns 9,295 shares of the real estate investment trust’s stock worth $184,000 after acquiring an additional 2,823 shares during the period. Hedge funds and other institutional investors own 88.25% of the company’s stock.

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.