Independence Realty Trust (NYSE:IRT) Now Covered by Analysts at Barclays

Equities research analysts at Barclays started coverage on shares of Independence Realty Trust (NYSE:IRT) in a report released on Tuesday, MarketBeat.com reports. The firm set an “equal weight” rating and a $23.00 price target on the real estate investment trust’s stock. Barclays‘s price objective would suggest a potential upside of 13.52% from the company’s current price.

Several other analysts also recently issued reports on IRT. Deutsche Bank Aktiengesellschaft increased their price target on 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 target price on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, September 6th. JMP Securities upped their price target 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. Finally, BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $19.00 to $21.00 in a research note on Friday, November 15th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $21.14.

Independence Realty Trust Price Performance

Independence Realty Trust stock opened at $20.26 on Tuesday. Independence Realty Trust has a 12 month low of $14.07 and a 12 month high of $22.26. The company has a market cap of $4.56 billion, a price-to-earnings ratio of 75.04, a price-to-earnings-growth ratio of 3.07 and a beta of 1.19. The stock’s 50-day moving average is $20.63 and its 200-day moving average is $19.76.

Hedge Funds Weigh In On Independence Realty Trust

Several institutional investors and hedge funds have recently made changes to their positions in IRT. SMART Wealth LLC acquired a new stake in Independence Realty Trust in the third quarter valued at $873,000. Franklin Resources Inc. increased its position in shares of Independence Realty Trust by 12.3% in the 3rd quarter. Franklin Resources Inc. now owns 256,234 shares of the real estate investment trust’s stock worth $4,981,000 after purchasing an additional 28,059 shares during the last quarter. Tidal Investments LLC raised its stake in shares of Independence Realty Trust by 751.4% in the 3rd quarter. Tidal Investments LLC now owns 93,325 shares of the real estate investment trust’s stock valued at $1,913,000 after purchasing an additional 82,364 shares in the last quarter. Virtu Financial LLC acquired a new stake in Independence Realty Trust during the third quarter valued at approximately $267,000. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Independence Realty Trust during the 3rd quarter valued at approximately $64,000. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

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.