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

Independence Realty Trust, Inc. (NYSE:IRT) has received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $21.33.

Several analysts have commented on the company. BMO Capital Markets upgraded Independence Realty Trust from an “underperform” rating to a “market perform” rating and lifted their price target for the company from $19.00 to $21.00 in a report on Friday, November 15th. Barclays reduced their price objective on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 19th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $22.00 price objective on shares of Independence Realty Trust in a research note on Tuesday, February 11th.

Independence Realty Trust Price Performance

IRT opened at $20.62 on Tuesday. The stock has a market capitalization of $4.76 billion, a price-to-earnings ratio of 114.56, a price-to-earnings-growth ratio of 2.91 and a beta of 1.21. The business has a 50-day moving average of $19.66 and a two-hundred day moving average of $20.15. Independence Realty Trust has a 12 month low of $14.35 and a 12 month high of $22.26.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, beating the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. Equities research analysts anticipate that Independence Realty Trust will post 1.19 earnings per share for the current year.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Tuesday, December 31st were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Tuesday, December 31st. Independence Realty Trust’s dividend payout ratio (DPR) is presently 355.56%.

Hedge Funds Weigh In On Independence Realty Trust

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Ameriflex Group Inc. acquired a new position in Independence Realty Trust during the 4th quarter worth approximately $111,000. Blue Sky Capital Consultants Group Inc. acquired a new position in Independence Realty Trust during the 4th quarter worth approximately $5,147,000. GF Fund Management CO. LTD. acquired a new position in Independence Realty Trust during the 4th quarter worth approximately $83,000. GTS Securities LLC acquired a new position in Independence Realty Trust during the 4th quarter worth approximately $325,000. Finally, Twinbeech Capital LP acquired a new position in Independence Realty Trust during the 4th quarter worth approximately $883,000. 88.25% of the stock is owned by institutional investors and hedge funds.

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.