Independence Realty Trust (NYSE:IRT) Price Target Raised to $22.00

Independence Realty Trust (NYSE:IRT) had its price target raised by JMP Securities from $20.00 to $22.00 in a report issued on Monday morning, Benzinga reports. The firm currently has a market outperform rating on the real estate investment trust’s stock.

Several other research analysts have also recently weighed in on the company. KeyCorp upped their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the stock an overweight rating in a research report on Friday, September 6th. BTIG Research upped their price objective on Independence Realty Trust from $18.00 to $21.00 and gave the stock a buy rating in a research report on Monday, August 12th. Two investment analysts have rated the stock with a sell rating and six have given 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 $19.57.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock opened at $20.40 on Monday. Independence Realty Trust has a 1 year low of $11.61 and a 1 year high of $20.86. The business has a 50-day moving average of $19.46 and a two-hundred day moving average of $17.54. The company has a market capitalization of $4.59 billion, a P/E ratio of -679.77, a price-to-earnings-growth ratio of 2.89 and a beta of 1.17.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Independence Realty Trust by 1.1% during the first quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock valued at $528,165,000 after purchasing an additional 343,334 shares during the last quarter. Long Pond Capital LP boosted its position in Independence Realty Trust by 204.7% during the first quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock valued at $167,986,000 after purchasing an additional 6,996,365 shares during the last quarter. Jennison Associates LLC boosted its position 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 purchasing an additional 300,281 shares during the last quarter. Norges Bank acquired a new position in Independence Realty Trust during the fourth quarter valued at approximately $52,048,000. Finally, Dimensional Fund Advisors LP boosted its position in Independence Realty Trust by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,308,557 shares of the real estate investment trust’s stock valued at $62,001,000 after purchasing an additional 176,119 shares during the last quarter. 88.25% of the stock is 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.