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

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been given a consensus recommendation of “Moderate Buy” by the seven brokerages that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $20.43.

A number of equities analysts recently weighed in on the stock. BTIG Research upped their target price on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. JMP Securities increased their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Monday, September 9th. Deutsche Bank Aktiengesellschaft boosted their target price on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. BMO Capital Markets raised shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $19.00 to $21.00 in a research note on Friday. Finally, KeyCorp boosted their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th.

Independence Realty Trust Stock Up 0.7 %

Independence Realty Trust stock opened at $20.99 on Friday. Independence Realty Trust has a twelve month low of $12.99 and a twelve month high of $21.23. The company has a 50 day moving average of $20.14 and a 200-day moving average of $18.97. The stock has a market capitalization of $4.72 billion, a PE ratio of 18.34, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17.

Independence Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Monday, September 30th were paid a $0.16 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.64 annualized dividend and a dividend yield of 3.05%.

Hedge Funds Weigh In On Independence Realty Trust

A number of institutional investors have recently added to or reduced their stakes in IRT. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Independence Realty Trust by 0.5% in the 3rd 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 during the period. Taylor Frigon Capital Management LLC lifted its holdings in Independence Realty Trust by 0.7% during the 2nd quarter. Taylor Frigon Capital Management LLC now owns 79,217 shares of the real estate investment trust’s stock worth $1,485,000 after purchasing an additional 571 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in Independence Realty Trust by 1.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 69,961 shares of the real estate investment trust’s stock valued at $1,434,000 after buying an additional 900 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in shares of Independence Realty Trust by 0.3% in the third quarter. Nomura Asset Management Co. Ltd. now owns 281,800 shares of the real estate investment trust’s stock valued at $5,777,000 after acquiring an additional 900 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Independence Realty Trust by 2.0% during the second quarter. Arizona State Retirement System now owns 63,011 shares of the real estate investment trust’s stock worth $1,181,000 after purchasing an additional 1,255 shares during the period. 88.25% of the stock is currently owned by institutional investors and hedge funds.

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.