Independence Realty Trust (NYSE:IRT) Given Market Outperform Rating at JMP Securities

Independence Realty Trust (NYSE:IRT)‘s stock had its “market outperform” rating restated by equities researchers at JMP Securities in a research report issued on Tuesday,Benzinga reports. They currently have a $22.00 target price on the real estate investment trust’s stock. JMP Securities’ price objective indicates a potential upside of 10.08% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. BMO Capital Markets raised shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their target price for the company from $19.00 to $21.00 in a report on Friday, November 15th. Barclays lowered their target price on Independence Realty Trust from $23.00 to $21.00 and set an “equal weight” rating on the stock in a report on Friday, January 24th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from 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

Independence Realty Trust stock traded down $0.07 during mid-day trading on Tuesday, reaching $19.99. 195,701 shares of the company were exchanged, compared to its average volume of 1,460,950. The firm has a market cap of $4.50 billion, a PE ratio of 17.43, a price-to-earnings-growth ratio of 2.77 and a beta of 1.21. The firm’s 50-day simple moving average is $19.82 and its two-hundred day simple moving average is $20.06. Independence Realty Trust has a twelve month low of $14.07 and a twelve month high of $22.26.

Institutional Trading of Independence Realty Trust

Hedge funds have recently modified their holdings of the business. Massachusetts Financial Services Co. MA lifted its position 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 acquiring an additional 2,829,247 shares during the last quarter. Wellington Management Group LLP boosted its stake in 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 valued at $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 Independence Realty Trust by 419.2% in 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 buying an additional 1,157,052 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Independence Realty Trust by 38.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust’s stock valued at $51,150,000 after buying an additional 686,630 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Independence Realty Trust in the 4th quarter worth approximately $12,105,000. 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.