Independence Realty Trust, Inc. (NYSE:IRT) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been assigned a consensus recommendation of “Moderate Buy” from the seven brokerages that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating and six have issued a buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $19.57.

IRT has been the topic of several recent research reports. JMP Securities increased their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Monday, September 9th. BTIG Research increased their price objective on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research note 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, KeyCorp increased their price objective 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.

Independence Realty Trust Stock Up 0.4 %

Shares of NYSE IRT opened at $19.53 on Wednesday. The firm’s 50-day moving average price is $20.11 and its 200-day moving average price is $18.47. The company has a market cap of $4.39 billion, a PE ratio of -650.83, a PEG ratio of 2.79 and a beta of 1.17. Independence Realty Trust has a 52-week low of $11.61 and a 52-week high of $21.20.

Independence Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date was Monday, September 30th. Independence Realty Trust’s payout ratio is -2,133.33%.

Institutional Investors Weigh In On Independence Realty Trust

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Independence Realty Trust by 1.1% during 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 buying an additional 343,334 shares during the last quarter. Long Pond Capital LP raised its position in shares of Independence Realty Trust by 204.7% during the first quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock valued at $167,986,000 after buying an additional 6,996,365 shares during the last quarter. Jennison Associates LLC raised its position in shares of Independence Realty Trust by 7.3% during the first quarter. Jennison Associates LLC now owns 4,429,594 shares of the real estate investment trust’s stock valued at $71,449,000 after buying an additional 300,281 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Independence Realty Trust by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,308,557 shares of the real estate investment trust’s stock valued at $62,001,000 after buying an additional 176,119 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Independence Realty Trust by 2.8% during the second quarter. Bank of New York Mellon Corp now owns 2,468,193 shares of the real estate investment trust’s stock valued at $46,254,000 after buying an additional 68,117 shares during the last quarter. Institutional investors own 88.25% of the company’s stock.

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.