Independence Realty Trust (NYSE:IRT) Sets New 1-Year High – Should You Buy?

Shares of Independence Realty Trust, Inc. (NYSE:IRT) hit a new 52-week high during trading on Monday . The stock traded as high as $21.27 and last traded at $21.22, with a volume of 295955 shares. The stock had previously closed at $20.99.

Analyst Ratings Changes

IRT has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. KeyCorp raised their price target on shares of 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 upped their price objective on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 12th. BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $19.00 to $21.00 in a report on Friday. Finally, JMP Securities boosted their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report 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’s stock. Based on data from MarketBeat.com, Independence Realty Trust presently has an average rating of “Moderate Buy” and an average price target of $20.43.

Independence Realty Trust Trading Up 1.2 %

The company has a market capitalization of $4.78 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 3.00 and a beta of 1.17. The company has a 50 day moving average price of $20.14 and a 200 day moving average price of $19.01.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Monday, September 30th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.01%. The ex-dividend date was Monday, September 30th.

Hedge Funds Weigh In On Independence Realty Trust

Several large investors have recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC bought a new stake in shares of Independence Realty Trust during the 2nd quarter valued at $25,000. Mattson Financial Services LLC bought a new stake in Independence Realty Trust in the second quarter valued at about $28,000. V Square Quantitative Management LLC acquired a new position in Independence Realty Trust in the third quarter valued at about $28,000. Pathway Financial Advisers LLC bought a new position in Independence Realty Trust during the first quarter worth about $31,000. Finally, Blue Trust Inc. grew its position in shares of Independence Realty Trust by 295.9% during the 3rd quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 1,527 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.