Independence Realty Trust (NYSE:IRT) Reaches New 12-Month High at $18.60

Independence Realty Trust, Inc. (NYSE:IRT)’s stock price hit a new 52-week high during trading on Friday . The company traded as high as $18.60 and last traded at $18.53, with a volume of 46169 shares trading hands. The stock had previously closed at $18.46.

Analyst Ratings Changes

A number of research firms recently weighed in on IRT. TheStreet lowered shares of Independence Realty Trust from a “c” rating to a “d+” rating in a research report on Friday, March 1st. JMP Securities upped their price target on shares of Independence Realty Trust from $15.00 to $17.00 and gave the stock a “market outperform” rating in a research note on Wednesday, March 6th. Two investment analysts have rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.00.

Independence Realty Trust Trading Down 0.1 %

The firm has a 50 day moving average price of $16.89 and a two-hundred day moving average price of $15.91. The firm has a market capitalization of $4.15 billion, a price-to-earnings ratio of -615.13, a price-to-earnings-growth ratio of 2.68 and a beta of 1.12.

Independence Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 19th. Shareholders of record on Friday, June 28th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Friday, June 28th. Independence Realty Trust’s dividend payout ratio (DPR) is -2,132.62%.

Hedge Funds Weigh In On Independence Realty Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Independence Realty Trust by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock valued at $528,165,000 after acquiring an additional 343,334 shares during the last quarter. Long Pond Capital LP grew its stake in Independence Realty Trust by 204.7% in the first quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock worth $167,986,000 after purchasing an additional 6,996,365 shares in the last quarter. Jennison Associates LLC raised its stake in Independence Realty Trust by 7.3% during the first quarter. Jennison Associates LLC now owns 4,429,594 shares of the real estate investment trust’s stock valued at $71,449,000 after buying an additional 300,281 shares in the last quarter. Norges Bank bought a new position in Independence Realty Trust during the 4th quarter worth approximately $52,048,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Independence Realty Trust by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,212,828 shares of the real estate investment trust’s stock worth $49,158,000 after acquiring an additional 19,060 shares in the last quarter. 88.25% of the stock is owned by hedge funds and other institutional investors.

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.