Independence Realty Trust (NYSE:IRT) Trading Up 2.8% – Still a Buy?

Independence Realty Trust, Inc. (NYSE:IRT) shot up 2.8% during trading on Monday . The company traded as high as $21.41 and last traded at $21.44. 382,960 shares changed hands during trading, a decline of 82% from the average session volume of 2,112,704 shares. The stock had previously closed at $20.86.

Analyst Upgrades and Downgrades

IRT has been the subject of a number of research analyst reports. Wells Fargo & Company started coverage on Independence Realty Trust in a research report on Wednesday, March 19th. They issued an “overweight” rating and a $24.00 target price for the company. Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and upped their price objective for the company from $20.00 to $24.00 in a report on Monday, March 10th. Barclays decreased their target price on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 19th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $22.00 price target on shares of Independence Realty Trust in a research report on Tuesday, February 11th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.00.

Independence Realty Trust Stock Up 0.7 %

The firm’s 50-day moving average price is $20.44 and its two-hundred day moving average price is $20.33. The firm has a market capitalization of $4.94 billion, a PE ratio of 118.80, a P/E/G ratio of 2.91 and a beta of 1.19.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 forecast that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Friday, March 28th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.64 annualized dividend and a yield of 2.99%. Independence Realty Trust’s dividend payout ratio is presently 355.56%.

Institutional Investors Weigh In On Independence Realty Trust

Institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its stake in shares of Independence Realty Trust by 2.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust’s stock worth $442,000 after acquiring an additional 488 shares during the last quarter. Global Retirement Partners LLC increased its position in Independence Realty Trust by 66.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 521 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Independence Realty Trust by 0.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,984 shares of the real estate investment trust’s stock valued at $2,050,000 after acquiring an additional 526 shares in the last quarter. Amundi lifted its stake in Independence Realty Trust by 0.5% in the fourth quarter. Amundi now owns 122,544 shares of the real estate investment trust’s stock valued at $2,304,000 after acquiring an additional 597 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its position in Independence Realty Trust by 0.5% in the fourth quarter. State of Alaska Department of Revenue now owns 133,831 shares of the real estate investment trust’s stock worth $2,654,000 after acquiring an additional 643 shares in the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.

About Independence Realty Trust

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.