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

Independence Realty Trust, Inc. (NYSE:IRT) has received an average recommendation of “Moderate Buy” from the six analysts that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $18.17.

IRT has been the topic of several research reports. BTIG Research raised their target price on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 12th. JMP Securities raised their price target on Independence Realty Trust from $17.00 to $20.00 and gave the stock a “market outperform” rating in a research note on Friday, August 2nd.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Independence Realty Trust by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock worth $528,165,000 after acquiring an additional 343,334 shares during the period. Long Pond Capital LP increased its stake in Independence Realty Trust by 204.7% in the 1st quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock worth $167,986,000 after buying an additional 6,996,365 shares in the last quarter. Jennison Associates LLC raised its holdings in Independence Realty Trust by 7.3% during the first quarter. Jennison Associates LLC now owns 4,429,594 shares of the real estate investment trust’s stock valued at $71,449,000 after acquiring an additional 300,281 shares during the period. Norges Bank purchased a new position in shares of Independence Realty Trust in the fourth quarter valued at about $52,048,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Independence Realty Trust by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,308,557 shares of the real estate investment trust’s stock worth $62,001,000 after acquiring an additional 176,119 shares during the period. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Up 0.6 %

Shares of NYSE IRT opened at $20.23 on Tuesday. The firm’s 50-day moving average price is $19.00 and its 200-day moving average price is $17.11. Independence Realty Trust has a 52-week low of $11.61 and a 52-week high of $20.36. The company has a market cap of $4.55 billion, a PE ratio of -674.33, a PEG ratio of 2.81 and a beta of 1.14.

Independence Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 19th. Investors of record on Friday, June 28th were issued a $0.16 dividend. The ex-dividend date was Friday, June 28th. This represents a $0.64 dividend on an annualized basis and a yield of 3.16%. Independence Realty Trust’s dividend payout ratio is currently -2,133.33%.

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.