Independence Realty Trust (NYSE:IRT) Stock Rating Upgraded by BMO Capital Markets

Independence Realty Trust (NYSE:IRT) was upgraded by BMO Capital Markets from an “underperform” rating to a “market perform” rating in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a $21.00 target price on the real estate investment trust’s stock, up from their prior target price of $19.00. BMO Capital Markets’ target price would indicate a potential upside of 0.72% from the company’s previous close.

A number of other research firms have also recently issued reports on IRT. KeyCorp raised their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. BTIG Research boosted 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 lifted their price target on Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, JMP Securities upped their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Monday, September 9th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.43.

Independence Realty Trust Stock Down 0.3 %

Shares of NYSE IRT opened at $20.85 on Friday. The business’s 50 day moving average price is $20.10 and its two-hundred day moving average price is $18.92. The company has a market cap of $4.69 billion, a PE ratio of 18.34, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. Independence Realty Trust has a twelve month low of $12.99 and a twelve month high of $21.23.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Independence Realty Trust in the 2nd quarter valued at approximately $25,000. V Square Quantitative Management LLC bought a new position in Independence Realty Trust in the 3rd quarter valued at approximately $28,000. Mattson Financial Services LLC acquired a new stake in Independence Realty Trust in the second quarter valued at approximately $28,000. Pathway Financial Advisers LLC bought a new stake in shares of Independence Realty Trust during the first quarter worth $31,000. Finally, Assetmark Inc. acquired a new position in shares of Independence Realty Trust during the third quarter worth $41,000. 88.25% of the stock is 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.