BMO Capital Markets Upgrades Independence Realty Trust (NYSE:IRT) to “Market Perform”

BMO Capital Markets upgraded shares of Independence Realty Trust (NYSE:IRT) from an underperform rating to a market perform rating in a report released on Friday morning, MarketBeat.com reports. BMO Capital Markets currently has $21.00 price target on the real estate investment trust’s stock, up from their prior price target of $19.00.

A number of other analysts have also issued reports on IRT. Deutsche Bank Aktiengesellschaft lifted their target price on Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. BTIG Research raised their price target on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. KeyCorp increased 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. Finally, JMP Securities increased their target price on Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Monday, September 9th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $20.43.

Independence Realty Trust Stock Performance

NYSE IRT opened at $21.25 on Friday. Independence Realty Trust has a one year low of $12.99 and a one year high of $21.29. The company’s 50 day moving average price is $20.17 and its 200 day moving average price is $19.05. The firm has a market capitalization of $4.78 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 3.00 and a beta of 1.17.

Independence Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend was Monday, September 30th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Independence Realty Trust by 0.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,984 shares of the real estate investment trust’s stock worth $2,050,000 after acquiring an additional 526 shares during the period. Taylor Frigon Capital Management LLC grew its position in Independence Realty Trust by 0.7% in the second quarter. Taylor Frigon Capital Management LLC now owns 79,217 shares of the real estate investment trust’s stock worth $1,485,000 after buying an additional 571 shares during the last quarter. Handelsbanken Fonder AB lifted its position in shares of Independence Realty Trust by 1.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 69,961 shares of the real estate investment trust’s stock valued at $1,434,000 after acquiring an additional 900 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of Independence Realty Trust by 0.3% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 281,800 shares of the real estate investment trust’s stock worth $5,777,000 after acquiring an additional 900 shares in the last quarter. Finally, Arizona State Retirement System raised its position in shares of Independence Realty Trust by 2.0% during the second quarter. Arizona State Retirement System now owns 63,011 shares of the real estate investment trust’s stock worth $1,181,000 after purchasing an additional 1,255 shares during the period. 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.