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

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been given a consensus rating of “Moderate Buy” by the seven research firms that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $21.71.

Several equities research analysts have recently issued reports on IRT shares. JMP Securities restated a “market outperform” rating and set a $22.00 price target on shares of Independence Realty Trust in a research note on Tuesday, February 11th. BMO Capital Markets upgraded Independence Realty Trust from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $19.00 to $21.00 in a research note on Friday, November 15th. Barclays cut their price target on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 19th. Finally, Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and boosted their price objective for the company from $20.00 to $24.00 in a research note on Monday, March 10th.

Independence Realty Trust Trading Up 1.9 %

IRT stock opened at $20.97 on Friday. The stock has a market cap of $4.84 billion, a P/E ratio of 116.49, a P/E/G ratio of 2.91 and a beta of 1.19. The stock’s fifty day simple moving average is $19.93 and its two-hundred day simple moving average is $20.28. Independence Realty Trust has a 1-year low of $15.23 and a 1-year high of $22.26.

Independence Realty Trust (NYSE:IRT) last issued 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 net margin of 6.15% and a return on equity of 1.11%. As a group, analysts forecast that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Friday, March 28th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.64 annualized dividend and a yield of 3.05%. Independence Realty Trust’s dividend payout ratio is currently 355.56%.

Institutional Investors Weigh In On Independence Realty Trust

Hedge funds and other institutional investors have recently modified their holdings of the stock. Assetmark Inc. purchased a new position in Independence Realty Trust during the third quarter valued at approximately $41,000. Atria Investments Inc grew its position in shares of Independence Realty Trust by 28.0% during the 3rd quarter. Atria Investments Inc now owns 33,731 shares of the real estate investment trust’s stock valued at $691,000 after purchasing an additional 7,378 shares in the last quarter. Axxcess Wealth Management LLC purchased a new position in shares of Independence Realty Trust during the 3rd quarter valued at $263,000. Kovack Advisors Inc. bought a new position in shares of Independence Realty Trust in the third quarter worth $353,000. Finally, Metis Global Partners LLC raised its position in shares of Independence Realty Trust by 29.7% in the third quarter. Metis Global Partners LLC now owns 23,138 shares of the real estate investment trust’s stock worth $474,000 after buying an additional 5,298 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors.

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.