Analysts Set Independence Realty Trust, Inc. (NYSE:IRT) PT at $19.57

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been given a consensus rating of “Moderate Buy” by the seven analysts that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation and six have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $19.57.

Several brokerages recently issued reports on IRT. Deutsche Bank Aktiengesellschaft upped their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. JMP Securities increased their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report on Monday, September 9th. KeyCorp raised their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, BTIG Research upped their target price on Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 12th.

Independence Realty Trust Price Performance

IRT stock opened at $20.85 on Friday. The firm has a 50 day simple moving average of $20.10 and a two-hundred day simple moving average of $18.92. The stock has a market cap of $4.69 billion, a PE ratio of 18.50, a P/E/G ratio of 2.95 and a beta of 1.17. Independence Realty Trust has a one year low of $12.99 and a one year high of $21.23.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were given a $0.16 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.64 annualized dividend and a yield of 3.07%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IRT. Long Pond Capital LP boosted its position in Independence Realty Trust by 204.7% during the 1st quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock valued at $167,986,000 after buying an additional 6,996,365 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Independence Realty Trust by 236.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 4,027,943 shares of the real estate investment trust’s stock worth $82,573,000 after purchasing an additional 2,829,247 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Independence Realty Trust by 419.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,433,058 shares of the real estate investment trust’s stock worth $29,378,000 after purchasing an additional 1,157,052 shares during the last quarter. B&I Capital AG purchased a new position in Independence Realty Trust during the 2nd quarter valued at about $10,900,000. Finally, Easterly Investment Partners LLC purchased a new position in Independence Realty Trust during the 3rd quarter valued at about $11,132,000. Institutional investors own 88.25% 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 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.