Independence Realty Trust, Inc. (NYSE:IRT) Receives $26.97 Average Price Target from Analysts

Shares of Independence Realty Trust, Inc. (NYSE:IRTGet Rating) have earned a consensus rating of “Buy” from the fourteen research firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $26.97.

Several equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Independence Realty Trust from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, March 24th. Compass Point upgraded shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $26.75 to $27.75 in a research note on Monday, January 10th. KeyCorp lifted their price target on shares of Independence Realty Trust from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Friday, April 1st. Barclays started coverage on shares of Independence Realty Trust in a research note on Tuesday, January 18th. They set an “overweight” rating and a $30.00 price target on the stock. Finally, Royal Bank of Canada started coverage on shares of Independence Realty Trust in a research note on Monday, January 10th. They set an “outperform” rating and a $28.00 price target on the stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Knights of Columbus Asset Advisors LLC increased its holdings in shares of Independence Realty Trust by 0.4% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 113,096 shares of the real estate investment trust’s stock worth $2,302,000 after buying an additional 423 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Independence Realty Trust by 1.7% in the 4th quarter. Arizona State Retirement System now owns 28,290 shares of the real estate investment trust’s stock worth $731,000 after buying an additional 466 shares during the last quarter. State of Tennessee Treasury Department increased its holdings in shares of Independence Realty Trust by 0.8% in the 4th quarter. State of Tennessee Treasury Department now owns 59,317 shares of the real estate investment trust’s stock worth $1,532,000 after buying an additional 479 shares during the last quarter. Metropolitan Life Insurance Co NY increased its holdings in shares of Independence Realty Trust by 1.4% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 35,407 shares of the real estate investment trust’s stock worth $721,000 after buying an additional 493 shares during the last quarter. Finally, Fieldpoint Private Securities LLC increased its holdings in shares of Independence Realty Trust by 85.3% in the 1st quarter. Fieldpoint Private Securities LLC now owns 1,195 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 550 shares during the last quarter. Institutional investors own 92.52% of the company’s stock.

NYSE:IRT opened at $26.96 on Friday. The company’s 50 day moving average price is $25.68 and its 200-day moving average price is $24.31. Independence Realty Trust has a 52 week low of $15.62 and a 52 week high of $27.61. The stock has a market cap of $5.96 billion, a price-to-earnings ratio of 70.95, a PEG ratio of 12.92 and a beta of 0.95.

Independence Realty Trust (NYSE:IRTGet Rating) last issued its earnings results on Wednesday, February 16th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.23. Independence Realty Trust had a net margin of 17.82% and a return on equity of 3.05%. During the same period in the previous year, the company earned $0.22 EPS. On average, sell-side analysts forecast that Independence Realty Trust will post 1.04 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 22nd. Stockholders of record on Friday, April 1st will be given a dividend of $0.12 per share. The ex-dividend date is Thursday, March 31st. This represents a $0.48 annualized dividend and a dividend yield of 1.78%. Independence Realty Trust’s payout ratio is 126.32%.

About Independence Realty Trust (Get Rating)

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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