Independence Realty Trust, Inc. (NYSE:IRT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Independence Realty Trust, Inc. (NYSE:IRT) has received a consensus recommendation of “Moderate Buy” from the seven analysts that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation and six have given a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $19.57.

A number of research firms recently issued reports on IRT. JMP Securities boosted their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Monday, September 9th. 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 report on Monday, August 12th. Deutsche Bank Aktiengesellschaft increased 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. Finally, KeyCorp boosted their price target 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.

Independence Realty Trust Trading Down 0.1 %

Shares of NYSE:IRT opened at $20.50 on Friday. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of -683.17, a PEG ratio of 3.10 and a beta of 1.17. The stock’s 50-day moving average price is $19.93 and its two-hundred day moving average price is $17.95. Independence Realty Trust has a 12-month low of $11.61 and a 12-month high of $21.20.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Monday, September 30th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend is Monday, September 30th. Independence Realty Trust’s payout ratio is -2,133.33%.

Institutional Investors Weigh In On Independence Realty Trust

Hedge funds have recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC purchased a new position in shares of Independence Realty Trust in the second quarter valued at $25,000. Pathway Financial Advisers LLC acquired a new stake in Independence Realty Trust in the first quarter valued at $31,000. Lazard Asset Management LLC bought a new position in Independence Realty Trust during the 1st quarter valued at $40,000. Advisors Asset Management Inc. grew its holdings in Independence Realty Trust by 146.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,833 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 1,684 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new stake in shares of Independence Realty Trust in the 2nd quarter worth about $64,000. 88.25% of the stock is currently 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.