Brokerages Set Independence Realty Trust, Inc. (NYSE:IRT) Price Target at $21.14

Independence Realty Trust, Inc. (NYSE:IRT) has earned an average rating of “Moderate Buy” from the seven research firms that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $21.14.

A number of research firms have recently weighed in on IRT. BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and upped their price objective for the stock from $19.00 to $21.00 in a research report on Friday, November 15th. Deutsche Bank Aktiengesellschaft increased their price target on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. KeyCorp boosted their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Barclays assumed coverage on shares of Independence Realty Trust in a report on Tuesday, December 17th. They issued an “equal weight” rating and a $23.00 target price on the stock. Finally, JMP Securities boosted their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Monday, September 9th.

Institutional Trading of Independence Realty Trust

Institutional investors and hedge funds have recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC purchased a new stake in Independence Realty Trust in the second quarter valued at approximately $25,000. Mattson Financial Services LLC purchased a new stake in Independence Realty Trust in the 2nd quarter valued at $28,000. V Square Quantitative Management LLC acquired a new stake in Independence Realty Trust during the 3rd quarter worth $28,000. Blue Trust Inc. grew its position in Independence Realty Trust by 295.9% during the 3rd quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 1,527 shares during the last quarter. Finally, Assetmark Inc. acquired a new position in Independence Realty Trust in the third quarter valued at $41,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Performance

Shares of IRT stock opened at $19.92 on Monday. The stock has a market capitalization of $4.48 billion, a P/E ratio of 76.62, a price-to-earnings-growth ratio of 3.07 and a beta of 1.19. Independence Realty Trust has a fifty-two week low of $14.07 and a fifty-two week high of $22.26. The company has a 50 day moving average price of $20.73 and a 200 day moving average price of $19.95.

Independence Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Tuesday, December 31st. Independence Realty Trust’s payout ratio is 246.15%.

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.