Independence Realty Trust (NYSE:IRT) Price Target Increased to $22.00 by Analysts at Deutsche Bank Aktiengesellschaft

Independence Realty Trust (NYSE:IRT) had its target price hoisted by equities researchers at Deutsche Bank Aktiengesellschaft from $18.00 to $22.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the real estate investment trust’s stock. Deutsche Bank Aktiengesellschaft’s target price would suggest a potential upside of 9.51% from the company’s previous close.

A number of other analysts also recently issued reports on IRT. 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 research report on Monday, August 12th. JMP Securities boosted their target price on Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report on Monday. Finally, KeyCorp raised their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday. Two analysts have rated the stock with a sell rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.57.

Independence Realty Trust Trading Up 1.6 %

Independence Realty Trust stock traded up $0.31 during midday trading on Tuesday, hitting $20.09. 1,367,588 shares of the stock were exchanged, compared to its average volume of 2,314,022. The stock’s 50-day simple moving average is $19.40 and its 200 day simple moving average is $17.48. Independence Realty Trust has a fifty-two week low of $11.61 and a fifty-two week high of $20.86. The stock has a market capitalization of $4.52 billion, a price-to-earnings ratio of -670.11, a PEG ratio of 2.89 and a beta of 1.17.

Institutional Investors Weigh In On Independence Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of IRT. Ashton Thomas Private Wealth LLC purchased a new position in Independence Realty Trust in the second quarter valued at $25,000. Pathway Financial Advisers LLC purchased a new position in shares of Independence Realty Trust in the 1st quarter valued at about $31,000. Lazard Asset Management LLC acquired a new stake in shares of Independence Realty Trust during the 1st quarter worth about $40,000. Advisors Asset Management Inc. raised its position in shares of Independence Realty Trust by 146.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,833 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 1,684 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new stake in Independence Realty Trust during the second quarter worth approximately $64,000. 88.25% of the stock is currently owned by institutional investors and hedge funds.

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.