Independence Realty Trust (NYSE:IRT) Stock Price Up 2.8% – Here’s Why

Independence Realty Trust, Inc. (NYSE:IRT) shot up 2.8% during mid-day trading on Monday . The company traded as high as $21.41 and last traded at $21.44. 382,960 shares changed hands during trading, a decline of 82% from the average session volume of 2,112,704 shares. The stock had previously closed at $20.86.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Jefferies Financial Group upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and upped their price target for the company from $20.00 to $24.00 in a research note on Monday, March 10th. Barclays dropped their price target on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, February 19th. JMP Securities reaffirmed a “market outperform” rating and issued a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, February 11th. Finally, Wells Fargo & Company assumed coverage on Independence Realty Trust in a report on Wednesday, March 19th. They set an “overweight” rating and a $24.00 target price for the company. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Independence Realty Trust currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

Independence Realty Trust Stock Performance

The stock has a fifty day simple moving average of $20.35 and a two-hundred day simple moving average of $20.32. The stock has a market cap of $4.94 billion, a price-to-earnings ratio of 118.92, a P/E/G ratio of 2.91 and a beta of 1.19.

Independence Realty Trust (NYSE:IRT) last released its 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 return on equity of 1.11% and a net margin of 6.15%. Equities analysts expect that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Friday, March 28th will be given a $0.16 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.64 dividend on an annualized basis and a yield of 2.99%. Independence Realty Trust’s dividend payout ratio is currently 355.56%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Citigroup Inc. grew its stake in shares of Independence Realty Trust by 81.2% in the third quarter. Citigroup Inc. now owns 346,197 shares of the real estate investment trust’s stock worth $7,097,000 after purchasing an additional 155,179 shares during the last quarter. FMR LLC increased its position in shares of Independence Realty Trust by 758.8% during the third quarter. FMR LLC now owns 285,193 shares of the real estate investment trust’s stock worth $5,846,000 after buying an additional 251,984 shares during the period. BNP Paribas Financial Markets lifted its holdings in Independence Realty Trust by 9.4% in the third quarter. BNP Paribas Financial Markets now owns 55,102 shares of the real estate investment trust’s stock valued at $1,130,000 after buying an additional 4,755 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Independence Realty Trust by 0.5% during 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. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Independence Realty Trust by 419.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,433,058 shares of the real estate investment trust’s stock worth $29,378,000 after acquiring an additional 1,157,052 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Independence Realty Trust Company Profile

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.