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

Independence Realty Trust, Inc. (NYSE:IRTGet Free Report) has been assigned an average recommendation of “Moderate Buy” from the six brokerages that are covering the company, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $21.33.

A number of research firms have recently issued reports on IRT. Barclays cut their price target on shares of Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday. BMO Capital Markets raised shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $19.00 to $21.00 in a research report on Friday, November 15th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a research report on Tuesday, February 11th.

Read Our Latest Analysis on Independence Realty Trust

Independence Realty Trust Price Performance

IRT stock opened at $20.44 on Tuesday. Independence Realty Trust has a 52-week low of $14.35 and a 52-week high of $22.26. The company’s 50 day simple moving average is $19.68 and its 200-day simple moving average is $20.14. The firm has a market capitalization of $4.72 billion, a P/E ratio of 113.56, a P/E/G ratio of 2.91 and a beta of 1.21.

Independence Realty Trust (NYSE:IRTGet Free Report) last released its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating 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%. Sell-side analysts predict that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend was Tuesday, December 31st. Independence Realty Trust’s dividend payout ratio is 355.56%.

Institutional Trading of Independence Realty Trust

Several large investors have recently added to or reduced their stakes in IRT. Creative Planning lifted its stake in shares of Independence Realty Trust by 2.6% in the third quarter. Creative Planning now owns 101,549 shares of the real estate investment trust’s stock worth $2,082,000 after buying an additional 2,587 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Independence Realty Trust in the third quarter worth $28,000. Blue Trust Inc. lifted its stake in shares of Independence Realty Trust by 295.9% in the third quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 1,527 shares during the last quarter. Fortis Group Advisors LLC lifted its stake in shares of Independence Realty Trust by 4,790,200.0% in the third quarter. Fortis Group Advisors LLC now owns 95,806 shares of the real estate investment trust’s stock worth $1,964,000 after buying an additional 95,804 shares during the last quarter. Finally, Private Advisor Group LLC acquired a new position in Independence Realty Trust during the 3rd quarter valued at $257,000. 88.25% of the stock is owned by institutional investors.

Independence Realty Trust Company Profile

(Get Free Report

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.

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Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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