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

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been assigned a consensus rating of “Moderate Buy” from the thirteen ratings firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $21.35.

IRT has been the topic of several research reports. Wall Street Zen lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Colliers Securities lowered shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a report on Thursday, December 4th. Deutsche Bank Aktiengesellschaft cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 price target for the company. in a research report on Tuesday, January 20th. BMO Capital Markets raised Independence Realty Trust from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $20.00 to $22.00 in a research report on Friday, January 9th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Independence Realty Trust in a research report on Friday, January 9th.

Institutional Investors Weigh In On Independence Realty Trust

Large investors have recently added to or reduced their stakes in the company. IFM Investors Pty Ltd lifted its holdings in Independence Realty Trust by 1.7% during the 3rd quarter. IFM Investors Pty Ltd now owns 37,925 shares of the real estate investment trust’s stock worth $627,000 after buying an additional 628 shares during the last quarter. Perigon Wealth Management LLC lifted its stake in Independence Realty Trust by 5.6% during the third quarter. Perigon Wealth Management LLC now owns 12,357 shares of the real estate investment trust’s stock worth $203,000 after purchasing an additional 658 shares during the last quarter. CWM LLC boosted its holdings in Independence Realty Trust by 1.8% in the fourth quarter. CWM LLC now owns 39,365 shares of the real estate investment trust’s stock worth $688,000 after purchasing an additional 712 shares during the period. Huntington National Bank increased its stake in Independence Realty Trust by 46.4% during the third quarter. Huntington National Bank now owns 2,289 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 725 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of Independence Realty Trust by 70.3% during the fourth quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 747 shares during the period. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Trading Down 1.6%

Shares of IRT opened at $16.43 on Tuesday. Independence Realty Trust has a twelve month low of $15.06 and a twelve month high of $21.86. The firm has a market capitalization of $3.93 billion, a P/E ratio of 164.27, a price-to-earnings-growth ratio of 2.03 and a beta of 1.00. The stock’s fifty day simple moving average is $17.07 and its 200 day simple moving average is $16.93.

Independence Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 23rd. Shareholders of record on Wednesday, December 31st were given a $0.17 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.68 annualized dividend and a yield of 4.1%. Independence Realty Trust’s dividend payout ratio (DPR) is 680.00%.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.