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

Independence Realty Trust, Inc. (NYSE:IRT) has earned a consensus recommendation of “Moderate Buy” from the seven brokerages that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $19.57.

Several equities analysts have recently weighed in on IRT shares. BTIG Research raised their target price on 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 lifted their target price 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. Deutsche Bank Aktiengesellschaft increased their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, KeyCorp boosted their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th.

Independence Realty Trust Trading Up 1.8 %

Shares of IRT stock opened at $20.90 on Friday. The company has a market capitalization of $4.70 billion, a P/E ratio of 18.01, a P/E/G ratio of 2.90 and a beta of 1.17. Independence Realty Trust has a 12-month low of $12.50 and a 12-month high of $21.20. The business’s 50 day moving average is $20.08 and its two-hundred day moving average is $18.79.

Independence Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Monday, September 30th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend was Monday, September 30th.

Hedge Funds Weigh In On Independence Realty Trust

Several institutional investors and hedge funds have recently bought and sold shares of IRT. Long Pond Capital LP raised its position in shares of Independence Realty Trust by 204.7% during the 1st 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 period. Massachusetts Financial Services Co. MA purchased a new stake in Independence Realty Trust in the second quarter valued at $22,464,000. B&I Capital AG acquired a new position in shares of Independence Realty Trust in the 2nd quarter valued at $10,900,000. Easterly Investment Partners LLC purchased a new position in shares of Independence Realty Trust during the 3rd quarter worth $11,132,000. Finally, Makena Capital Management LLC acquired a new stake in shares of Independence Realty Trust during the 2nd quarter worth about $10,039,000. 88.25% of the stock is currently 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.