Independence Realty Trust, Inc. (NYSE:IRT) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been given an average recommendation of “Moderate Buy” by the five analysts that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating and four have issued a buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $17.00.

IRT has been the topic of several recent research reports. TheStreet downgraded shares of Independence Realty Trust from a “c” rating to a “d+” rating in a research report on Friday, March 1st. Deutsche Bank Aktiengesellschaft began coverage on shares of Independence Realty Trust in a research report on Tuesday, January 30th. They issued a “buy” rating and a $18.00 price target on the stock. JMP Securities boosted their price target on shares of Independence Realty Trust from $15.00 to $17.00 and gave the stock a “market outperform” rating in a research report on Wednesday, March 6th. Barclays dropped their price target on shares of Independence Realty Trust from $22.00 to $18.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 20th. Finally, Royal Bank of Canada boosted their price target on shares of Independence Realty Trust from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th.

Independence Realty Trust Price Performance

NYSE:IRT opened at $16.33 on Friday. The firm’s 50 day simple moving average is $15.71 and its 200 day simple moving average is $14.84. Independence Realty Trust has a one year low of $11.61 and a one year high of $18.77. The company has a market cap of $3.68 billion, a PE ratio of -544.15, a P/E/G ratio of 2.31 and a beta of 1.07.

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 19th. Stockholders of record on Friday, March 29th were paid a $0.16 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.64 annualized dividend and a dividend yield of 3.92%. Independence Realty Trust’s dividend payout ratio is currently -2,132.62%.

Institutional Trading of Independence Realty Trust

Several hedge funds have recently modified their holdings of IRT. Norges Bank bought a new stake in shares of Independence Realty Trust in the 4th quarter valued at $52,048,000. Waterfront Capital Partners LLC increased its stake in Independence Realty Trust by 895.1% during the 4th quarter. Waterfront Capital Partners LLC now owns 1,988,154 shares of the real estate investment trust’s stock valued at $30,419,000 after purchasing an additional 1,788,354 shares in the last quarter. Centersquare Investment Management LLC increased its stake in Independence Realty Trust by 164.5% during the 4th quarter. Centersquare Investment Management LLC now owns 2,205,569 shares of the real estate investment trust’s stock valued at $33,745,000 after purchasing an additional 1,371,851 shares in the last quarter. Jennison Associates LLC increased its stake in Independence Realty Trust by 29.5% during the 4th quarter. Jennison Associates LLC now owns 4,129,313 shares of the real estate investment trust’s stock valued at $63,178,000 after purchasing an additional 941,676 shares in the last quarter. Finally, Easterly Investment Partners LLC bought a new stake in Independence Realty Trust during the 1st quarter valued at $8,530,000. 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.