Independence Realty Trust (NYSE:IRT) Now Covered by Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of Independence Realty Trust (NYSE:IRT) in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The firm issued an overweight rating and a $24.00 price target on the real estate investment trust’s stock.

Several other equities analysts have also commented on the company. Barclays lowered their target price on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, February 19th. Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and upped their price objective for the stock from $20.00 to $24.00 in a research note on Monday, March 10th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $22.00 target price on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $22.00.

Independence Realty Trust Price Performance

Shares of IRT opened at $20.94 on Wednesday. The stock has a market capitalization of $4.83 billion, a PE ratio of 116.31, a price-to-earnings-growth ratio of 2.91 and a beta of 1.18. The business’s fifty day moving average price is $20.05 and its 200 day moving average price is $20.28. Independence Realty Trust has a 12-month low of $15.23 and a 12-month high of $22.26.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. As a group, research analysts anticipate that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Friday, March 28th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.64 dividend on an annualized basis and a yield of 3.06%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 355.56%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IRT. Wealth Enhancement Advisory Services LLC lifted its holdings in Independence Realty Trust by 2.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust’s stock worth $442,000 after purchasing an additional 488 shares during the period. Global Retirement Partners LLC increased its stake in Independence Realty Trust by 66.0% during the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 521 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Independence Realty Trust by 0.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,984 shares of the real estate investment trust’s stock worth $2,050,000 after buying an additional 526 shares in the last quarter. Amundi lifted its stake in shares of Independence Realty Trust by 0.5% in the 4th quarter. Amundi now owns 122,544 shares of the real estate investment trust’s stock worth $2,304,000 after acquiring an additional 597 shares during the period. Finally, State of Alaska Department of Revenue boosted its holdings in shares of Independence Realty Trust by 0.5% in the fourth quarter. State of Alaska Department of Revenue now owns 133,831 shares of the real estate investment trust’s stock valued at $2,654,000 after acquiring an additional 643 shares in the last quarter. 88.25% of the stock is 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.