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

Independence Realty Trust, Inc. (NYSE:IRT) has been given an average recommendation of “Moderate Buy” by the six analysts that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $21.50.

IRT has been the topic of a number of recent analyst reports. Barclays cut their target price on Independence Realty Trust from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Friday, January 24th. BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and upped their price target for the company from $19.00 to $21.00 in a research report on Friday, November 15th. Finally, JMP Securities reissued a “market outperform” rating and set a $22.00 price target on shares of Independence Realty Trust in a research report on Tuesday, February 11th.

Institutional Investors Weigh In On Independence Realty Trust

Several large investors have recently added to or reduced their stakes in IRT. Wellington Management Group LLP grew its stake in shares of Independence Realty Trust by 17.9% in the fourth quarter. Wellington Management Group LLP now owns 13,398,947 shares of the real estate investment trust’s stock worth $265,835,000 after purchasing an additional 2,037,968 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Independence Realty Trust by 4.8% in 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 purchasing an additional 278,959 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Independence Realty Trust by 0.9% in the third quarter. Geode Capital Management LLC now owns 5,857,943 shares of the real estate investment trust’s stock worth $120,108,000 after purchasing an additional 50,788 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Independence Realty Trust by 8.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,380,250 shares of the real estate investment trust’s stock worth $86,904,000 after purchasing an additional 352,307 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Independence Realty Trust by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,561,615 shares of the real estate investment trust’s stock worth $70,662,000 after purchasing an additional 60,919 shares in the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Stock Up 0.0 %

NYSE IRT opened at $20.53 on Tuesday. The stock has a market cap of $4.62 billion, a PE ratio of 17.43, a P/E/G ratio of 2.77 and a beta of 1.21. Independence Realty Trust has a fifty-two week low of $14.35 and a fifty-two week high of $22.26. The business has a 50 day moving average price of $19.75 and a two-hundred day moving average price of $20.10.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a negative return on equity of 0.01% and a negative net margin of 0.03%. Sell-side analysts anticipate that Independence Realty Trust will post 1.15 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend was Tuesday, December 31st.

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.