Independence Realty Trust Inc (NYSE:IRT) has earned a consensus rating of “Buy” from the ten ratings firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $11.20.
A number of equities analysts have weighed in on the stock. ValuEngine raised shares of Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 7th. Robert W. Baird set a $10.00 target price on shares of Independence Realty Trust and gave the stock a “buy” rating in a research note on Friday, March 2nd. B. Riley set a $12.00 target price on shares of Independence Realty Trust and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Finally, Zacks Investment Research downgraded shares of Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 25th.
Shares of NYSE IRT opened at $9.36 on Friday. Independence Realty Trust has a 1-year low of $8.26 and a 1-year high of $10.63. The stock has a market capitalization of $783.35, a price-to-earnings ratio of 12.74 and a beta of 0.86. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 1.20.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 20th. Stockholders of record on Wednesday, April 4th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 7.69%. The ex-dividend date of this dividend is Tuesday, April 3rd. Independence Realty Trust’s dividend payout ratio is 295.89%.
In other news, CEO Scott Schaeffer acquired 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was purchased at an average price of $8.33 per share, for a total transaction of $124,950.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.58% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of IRT. BlackRock Inc. grew its holdings in Independence Realty Trust by 11.0% during the fourth quarter. BlackRock Inc. now owns 12,188,828 shares of the real estate investment trust’s stock valued at $122,984,000 after purchasing an additional 1,206,269 shares during the period. Centaurus Financial Inc. acquired a new position in shares of Independence Realty Trust in the fourth quarter valued at approximately $8,736,000. Renaissance Technologies LLC boosted its holdings in shares of Independence Realty Trust by 121.7% in the fourth quarter. Renaissance Technologies LLC now owns 994,095 shares of the real estate investment trust’s stock valued at $10,030,000 after buying an additional 545,700 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in shares of Independence Realty Trust by 101.6% in the third quarter. Schwab Charles Investment Management Inc. now owns 856,633 shares of the real estate investment trust’s stock valued at $8,712,000 after buying an additional 431,762 shares during the period. Finally, LDR Capital Management LLC acquired a new position in shares of Independence Realty Trust in the fourth quarter valued at approximately $4,338,000. Hedge funds and other institutional investors own 79.85% of the company’s stock.
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Independence Realty Trust Company Profile
Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.
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