Independence Realty Trust, Inc. (NYSE:IRT) Receives $21.35 Average PT from Brokerages

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have earned a consensus recommendation of “Moderate Buy” from the thirteen research firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and eight have given a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $21.35.

Several brokerages have issued reports on IRT. Colliers Securities downgraded Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a report on Thursday, December 4th. UBS Group increased their price objective on shares of Independence Realty Trust from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a report on Tuesday, January 20th. Wall Street Zen lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Finally, Zacks Research downgraded shares of Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd.

Independence Realty Trust Price Performance

Independence Realty Trust stock opened at $16.62 on Tuesday. The company’s 50-day moving average is $17.02 and its 200-day moving average is $16.91. The firm has a market capitalization of $3.97 billion, a PE ratio of 166.18, a P/E/G ratio of 2.02 and a beta of 1.00. Independence Realty Trust has a fifty-two week low of $15.06 and a fifty-two week high of $21.86.

Independence Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 23rd. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. Independence Realty Trust’s dividend payout ratio (DPR) is currently 680.00%.

Hedge Funds Weigh In On Independence Realty Trust

A number of hedge funds have recently bought and sold shares of the business. IFM Investors Pty Ltd grew its holdings in Independence Realty Trust by 1.7% in the 3rd quarter. IFM Investors Pty Ltd now owns 37,925 shares of the real estate investment trust’s stock worth $627,000 after acquiring an additional 628 shares during the last quarter. Perigon Wealth Management LLC raised its stake in shares of Independence Realty Trust by 5.6% during the third quarter. Perigon Wealth Management LLC now owns 12,357 shares of the real estate investment trust’s stock valued at $203,000 after acquiring an additional 658 shares during the last quarter. Global Retirement Partners LLC boosted its holdings in shares of Independence Realty Trust by 15.9% during the fourth quarter. Global Retirement Partners LLC now owns 4,921 shares of the real estate investment trust’s stock worth $86,000 after purchasing an additional 676 shares during the period. CWM LLC grew its stake in shares of Independence Realty Trust by 1.8% in the fourth quarter. CWM LLC now owns 39,365 shares of the real estate investment trust’s stock worth $688,000 after purchasing an additional 712 shares during the last quarter. Finally, Huntington National Bank grew its stake in shares of Independence Realty Trust by 46.4% in the third quarter. Huntington National Bank now owns 2,289 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 725 shares during the last quarter. 88.25% of the stock is owned by institutional investors.

About Independence Realty Trust

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.