Independence Realty Trust, Inc. (NYSE:IRT) Receives $21.14 Consensus Target Price from Analysts

Independence Realty Trust, Inc. (NYSE:IRT) has earned an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $21.14.

Several equities analysts have commented on the stock. JMP Securities raised 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. BMO Capital Markets upgraded Independence Realty Trust from an “underperform” rating to a “market perform” rating and upped their target price for the stock from $19.00 to $21.00 in a research report on Friday, November 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Barclays initiated coverage on shares of Independence Realty Trust in a report on Tuesday, December 17th. They set an “equal weight” rating and a $23.00 target price for the company.

Institutional Investors Weigh In On Independence Realty Trust

Several large investors have recently made changes to their positions in IRT. Bank of New York Mellon Corp grew its position in Independence Realty Trust by 2.8% in the second quarter. Bank of New York Mellon Corp now owns 2,468,193 shares of the real estate investment trust’s stock worth $46,254,000 after acquiring an additional 68,117 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Independence Realty Trust by 2,295.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 35,255 shares of the real estate investment trust’s stock valued at $661,000 after buying an additional 33,783 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Independence Realty Trust by 14.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,458 shares of the real estate investment trust’s stock worth $1,864,000 after buying an additional 12,180 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Independence Realty Trust by 38.0% during the 2nd quarter. Signaturefd LLC now owns 17,667 shares of the real estate investment trust’s stock worth $331,000 after acquiring an additional 4,864 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Independence Realty Trust by 15.3% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 42,537 shares of the real estate investment trust’s stock valued at $797,000 after acquiring an additional 5,644 shares during the last quarter. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Performance

Shares of IRT stock opened at $19.92 on Monday. The firm has a market capitalization of $4.48 billion, a PE ratio of 76.62, a price-to-earnings-growth ratio of 3.07 and a beta of 1.21. Independence Realty Trust has a 1 year low of $14.07 and a 1 year high of $22.26. The stock has a fifty day moving average of $20.73 and a two-hundred day moving average of $19.97.

Independence Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.21%. The ex-dividend date is Tuesday, December 31st. Independence Realty Trust’s payout ratio is currently 246.15%.

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.