Independence Realty Trust, Inc. (NYSE:IRT) Receives $17.00 Average Price Target from Brokerages

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been given an average recommendation of “Moderate Buy” by the five brokerages that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $17.00.

A number of brokerages have recently issued reports on IRT. Barclays cut their target price on shares of Independence Realty Trust from $22.00 to $18.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 20th. Royal Bank of Canada lifted their target price on Independence Realty Trust from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Deutsche Bank Aktiengesellschaft began coverage on Independence Realty Trust in a research report on Tuesday, January 30th. They set a “buy” rating and a $18.00 price target on the stock. JMP Securities lifted their price objective on shares of Independence Realty Trust from $15.00 to $17.00 and gave the stock a “market outperform” rating in a report on Wednesday, March 6th. Finally, TheStreet cut shares of Independence Realty Trust from a “c” rating to a “d+” rating in a report on Friday, March 1st.

Independence Realty Trust Trading Down 0.2 %

Shares of NYSE:IRT opened at $16.58 on Friday. The firm has a market cap of $3.73 billion, a PE ratio of -552.48, a price-to-earnings-growth ratio of 2.39 and a beta of 1.07. The company has a fifty day simple moving average of $15.82 and a 200 day simple moving average of $14.92. Independence Realty Trust has a 12-month low of $11.61 and a 12-month high of $18.77.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 19th. Stockholders of record on Friday, March 29th were given a dividend of $0.16 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.64 annualized dividend and a dividend yield of 3.86%. Independence Realty Trust’s dividend payout ratio is currently -2,132.62%.

Institutional Trading of Independence Realty Trust

Several hedge funds have recently bought and sold shares of IRT. Commonwealth Equity Services LLC raised its holdings in shares of Independence Realty Trust by 1.8% during the third quarter. Commonwealth Equity Services LLC now owns 166,731 shares of the real estate investment trust’s stock valued at $2,346,000 after buying an additional 2,947 shares during the last quarter. Taylor Frigon Capital Management LLC raised its stake in Independence Realty Trust by 1.3% during the 3rd quarter. Taylor Frigon Capital Management LLC now owns 78,256 shares of the real estate investment trust’s stock valued at $1,101,000 after acquiring an additional 986 shares in the last quarter. Strs Ohio boosted its position in Independence Realty Trust by 2.8% during the 3rd quarter. Strs Ohio now owns 302,385 shares of the real estate investment trust’s stock worth $4,254,000 after acquiring an additional 8,100 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Independence Realty Trust by 6.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 131,254 shares of the real estate investment trust’s stock worth $1,847,000 after purchasing an additional 8,082 shares in the last quarter. Finally, Inspire Investing LLC grew its stake in shares of Independence Realty Trust by 24.1% in the third quarter. Inspire Investing LLC now owns 21,849 shares of the real estate investment trust’s stock worth $307,000 after purchasing an additional 4,250 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.