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

Independence Realty Trust, Inc. (NYSE:IRT) has been assigned an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation and six have assigned a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $19.57.

A number of research firms recently weighed in on IRT. KeyCorp raised their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, September 6th. BTIG Research boosted their target price on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, JMP Securities lifted their price target 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.

Institutional Investors Weigh In On Independence Realty Trust

Several large investors have recently added to or reduced their stakes in the stock. Creative Planning grew its position in shares of Independence Realty Trust by 2.6% during the 3rd quarter. Creative Planning now owns 101,549 shares of the real estate investment trust’s stock worth $2,082,000 after buying an additional 2,587 shares in the last quarter. Koshinski Asset Management Inc. grew its holdings in Independence Realty Trust by 144.2% during the 3rd quarter. Koshinski Asset Management Inc. now owns 44,395 shares of the real estate investment trust’s stock worth $910,000 after acquiring an additional 26,213 shares in the last quarter. Inspire Investing LLC grew its holdings in Independence Realty Trust by 28.1% during the 3rd quarter. Inspire Investing LLC now owns 24,150 shares of the real estate investment trust’s stock worth $495,000 after acquiring an additional 5,302 shares in the last quarter. Blue Zone Wealth Advisors LLC purchased a new position in Independence Realty Trust during the third quarter valued at approximately $4,437,000. Finally, Mather Group LLC. purchased a new position in shares of Independence Realty Trust in the 3rd quarter valued at $159,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Price Performance

Shares of IRT opened at $19.74 on Wednesday. The firm has a market cap of $4.44 billion, a P/E ratio of -658.00, a price-to-earnings-growth ratio of 2.79 and a beta of 1.17. The company has a 50 day simple moving average of $20.09 and a two-hundred day simple moving average of $18.32. Independence Realty Trust has a 1 year low of $11.61 and a 1 year high of $21.20.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Monday, September 30th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date is Monday, September 30th. Independence Realty Trust’s payout ratio is presently -2,133.33%.

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.