Independence Realty Trust (NYSE:IRT) Sets New 52-Week High – Time to Buy?

Independence Realty Trust, Inc. (NYSE:IRT)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $21.23 and last traded at $21.04, with a volume of 349516 shares changing hands. The stock had previously closed at $20.90.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. JMP Securities raised their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Monday, September 9th. Deutsche Bank Aktiengesellschaft raised their price objective on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. BTIG Research lifted their target price on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Finally, KeyCorp lifted their target price on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.57.

Independence Realty Trust Price Performance

The stock has a market capitalization of $4.64 billion, a P/E ratio of 18.50, a price-to-earnings-growth ratio of 3.02 and a beta of 1.17. The company has a 50 day simple moving average of $20.08 and a 200-day simple moving average of $18.87.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Monday, September 30th were paid a dividend of $0.16 per share. The ex-dividend date was Monday, September 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.11%.

Institutional Trading of Independence Realty Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ashton Thomas Private Wealth LLC purchased a new position in Independence Realty Trust during the second quarter worth about $25,000. Mattson Financial Services LLC purchased a new position in Independence Realty Trust during the second quarter worth about $28,000. V Square Quantitative Management LLC purchased a new position in Independence Realty Trust during the third quarter worth about $28,000. Pathway Financial Advisers LLC purchased a new position in Independence Realty Trust during the first quarter worth about $31,000. Finally, Blue Trust Inc. grew its position in Independence Realty Trust by 295.9% during 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 in the last quarter. 88.25% of the stock is currently owned by 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.