Independence Realty Trust (NYSE:IRT) Stock Rating Upgraded by BMO Capital Markets

Independence Realty Trust (NYSE:IRT) was upgraded by stock analysts at BMO Capital Markets from an “underperform” rating to a “market perform” rating in a report issued on Friday, Marketbeat Ratings reports. The brokerage presently has a $21.00 price target on the real estate investment trust’s stock, up from their previous price target of $19.00. BMO Capital Markets’ target price indicates a potential upside of 0.05% from the stock’s previous close.

IRT has been the topic of several other research reports. KeyCorp raised their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. BTIG Research lifted their price target 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 increased their price objective on shares of 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, JMP Securities lifted their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Monday, September 9th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and an average target price of $20.43.

Independence Realty Trust Stock Performance

Shares of Independence Realty Trust stock opened at $20.99 on Friday. The stock’s fifty day moving average is $20.14 and its 200 day moving average is $18.99. Independence Realty Trust has a one year low of $12.99 and a one year high of $21.23. The stock has a market cap of $4.72 billion, a P/E ratio of 18.41, a P/E/G ratio of 3.00 and a beta of 1.17.

Institutional Trading of Independence Realty Trust

Several hedge funds have recently bought and sold shares of the stock. Sei Investments Co. increased its holdings in shares of Independence Realty Trust by 12.2% in the first quarter. Sei Investments Co. now owns 215,463 shares of the real estate investment trust’s stock worth $3,475,000 after purchasing an additional 23,345 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Independence Realty Trust by 35.9% in the 1st quarter. Russell Investments Group Ltd. now owns 205,491 shares of the real estate investment trust’s stock worth $3,315,000 after acquiring an additional 54,279 shares during the last quarter. Avantax Advisory Services Inc. purchased a new stake in shares of Independence Realty Trust during the 1st quarter worth approximately $188,000. ProShare Advisors LLC boosted its position in shares of Independence Realty Trust by 4.7% during the 1st quarter. ProShare Advisors LLC now owns 51,517 shares of the real estate investment trust’s stock valued at $831,000 after acquiring an additional 2,319 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Independence Realty Trust by 1.1% in the first quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock valued at $528,165,000 after purchasing an additional 343,334 shares in the last quarter. Hedge funds and other 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.