Independence Realty Trust (NYSE:IRT) Research Coverage Started at BTIG Research

BTIG Research initiated coverage on shares of Independence Realty Trust (NYSE:IRT) in a research report report published on Monday morning, The Fly reports. The brokerage issued a buy rating and a $15.00 price objective on the real estate investment trust’s stock.

Several other analysts have also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised shares of Independence Realty Trust from a hold rating to a buy rating and set a $15.00 price objective for the company in a research note on Tuesday, December 15th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their target price on shares of Independence Realty Trust from $12.25 to $13.25 in a report on Tuesday, December 15th. Smith Barney Citigroup upped their price objective on shares of Independence Realty Trust from $12.25 to $13.25 in a report on Tuesday, December 15th. Finally, Zacks Investment Research lowered shares of Independence Realty Trust from a buy rating to a hold rating in a report on Tuesday, November 10th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $13.38.

IRT stock opened at $13.27 on Monday. The stock has a market capitalization of $1.26 billion, a P/E ratio of 47.39 and a beta of 0.96. The firm has a 50-day simple moving average of $13.28 and a 200-day simple moving average of $12.17. Independence Realty Trust has a 52 week low of $6.86 and a 52 week high of $16.85.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Wednesday, October 28th. The real estate investment trust reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.18). Independence Realty Trust had a return on equity of 4.09% and a net margin of 12.11%. On average, equities research analysts expect that Independence Realty Trust will post 0.74 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 22nd. Investors of record on Wednesday, December 30th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.62%. The ex-dividend date of this dividend is Tuesday, December 29th. Independence Realty Trust’s dividend payout ratio (DPR) is 63.16%.

Large investors have recently bought and sold shares of the business. California Public Employees Retirement System grew its holdings in shares of Independence Realty Trust by 3.4% during the second quarter. California Public Employees Retirement System now owns 212,946 shares of the real estate investment trust’s stock worth $2,447,000 after buying an additional 6,986 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Independence Realty Trust by 10.6% during the second quarter. Goldman Sachs Group Inc. now owns 881,405 shares of the real estate investment trust’s stock valued at $10,128,000 after buying an additional 84,401 shares in the last quarter. American International Group Inc. lifted its position in Independence Realty Trust by 7.0% during the second quarter. American International Group Inc. now owns 67,033 shares of the real estate investment trust’s stock valued at $770,000 after buying an additional 4,412 shares in the last quarter. Baird Financial Group Inc. acquired a new position in Independence Realty Trust during the second quarter valued at approximately $689,000. Finally, Vanguard Group Inc. lifted its position in shares of Independence Realty Trust by 6.3% during the second quarter. Vanguard Group Inc. now owns 11,792,917 shares of the real estate investment trust’s stock worth $135,502,000 after purchasing an additional 701,414 shares in the last quarter. Hedge funds and other institutional investors own 84.92% of the company’s stock.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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