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

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have received an average recommendation of “Moderate Buy” from the five analysts that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $17.00.

Several equities analysts have recently commented on the stock. Barclays lowered their price target on shares of Independence Realty Trust from $22.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. Royal Bank of Canada upped their price target on shares of 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 initiated coverage on shares of Independence Realty Trust in a research report on Tuesday, January 30th. They issued a “buy” rating and a $18.00 target price for the company. JMP Securities increased their target price on shares of Independence Realty Trust from $15.00 to $17.00 and gave the company a “market outperform” rating in a research report on Wednesday, March 6th. Finally, TheStreet lowered shares of Independence Realty Trust from a “c” rating to a “d+” rating in a research report on Friday, March 1st.

Institutional Investors Weigh In On Independence Realty Trust

Institutional investors and hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp lifted its holdings in Independence Realty Trust by 83.9% in the 4th quarter. Fifth Third Bancorp now owns 2,593 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 1,183 shares during the last quarter. EdgeRock Capital LLC acquired a new stake in Independence Realty Trust in the 4th quarter valued at about $60,000. Allworth Financial LP lifted its holdings in Independence Realty Trust by 37.0% in the 4th quarter. Allworth Financial LP now owns 4,237 shares of the real estate investment trust’s stock valued at $65,000 after acquiring an additional 1,145 shares during the last quarter. Sound Income Strategies LLC lifted its holdings in Independence Realty Trust by 36.1% in the 4th quarter. Sound Income Strategies LLC now owns 4,850 shares of the real estate investment trust’s stock valued at $74,000 after acquiring an additional 1,287 shares during the last quarter. Finally, Clearstead Advisors LLC acquired a new stake in Independence Realty Trust in the 3rd quarter valued at about $85,000. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Stock Performance

Independence Realty Trust stock opened at $16.55 on Friday. The company has a 50-day simple moving average of $15.77 and a 200-day simple moving average of $14.89. The firm has a market capitalization of $3.73 billion, a P/E ratio of -551.48, a P/E/G ratio of 2.39 and a beta of 1.07. Independence Realty Trust has a one year low of $11.61 and a one year high of $18.77.

Independence Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, March 29th were given a $0.16 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.64 dividend on an annualized basis and a yield of 3.87%. Independence Realty Trust’s dividend payout ratio is presently -2,132.62%.

About Independence Realty Trust

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.