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

Independence Realty Trust, Inc. (NYSE:IRT) has earned a consensus rating of “Moderate Buy” from the seven ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $19.57.

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

Hedge Funds Weigh In On Independence Realty Trust

Several large investors have recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC acquired a new stake in Independence Realty Trust during the second quarter valued at $25,000. Mattson Financial Services LLC acquired a new stake in shares of Independence Realty Trust during the 2nd quarter valued at about $28,000. Pathway Financial Advisers LLC purchased a new position in shares of Independence Realty Trust in the 1st quarter valued at about $31,000. Lazard Asset Management LLC acquired a new position in Independence Realty Trust in the 1st quarter worth about $40,000. Finally, Advisors Asset Management Inc. boosted its position in Independence Realty Trust by 146.6% during the first quarter. Advisors Asset Management Inc. now owns 2,833 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 1,684 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Independence Realty Trust Stock Performance

Shares of IRT stock opened at $19.74 on Wednesday. Independence Realty Trust has a fifty-two week low of $11.61 and a fifty-two week high of $21.20. The firm has a market capitalization of $4.44 billion, a price-to-earnings ratio of -658.00, a PEG ratio of 2.79 and a beta of 1.17. The stock’s 50-day simple moving average is $20.09 and its 200-day simple moving average is $18.32.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Monday, September 30th will be given a $0.16 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.64 annualized dividend and a yield of 3.24%. Independence Realty Trust’s dividend payout ratio is presently -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.