Independence Realty Trust (NYSE:IRT) Price Target Lowered to $21.00 at Barclays

Independence Realty Trust (NYSE:IRT) had its target price cut by Barclays from $23.00 to $21.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

Separately, BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $19.00 to $21.00 in a report on Friday, November 15th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.86.

Independence Realty Trust Stock Performance

IRT opened at $18.80 on Friday. The company has a fifty day moving average of $20.36 and a two-hundred day moving average of $19.99. Independence Realty Trust has a fifty-two week low of $14.07 and a fifty-two week high of $22.26. The stock has a market capitalization of $4.23 billion, a price-to-earnings ratio of 16.38, a PEG ratio of 2.61 and a beta of 1.21.

Independence Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.16 per share. The ex-dividend date was Tuesday, December 31st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.41%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. abrdn plc boosted its holdings in shares of Independence Realty Trust by 60.6% during the 4th quarter. abrdn plc now owns 72,547 shares of the real estate investment trust’s stock worth $1,436,000 after purchasing an additional 27,377 shares during the last quarter. Jennison Associates LLC boosted its stake in Independence Realty Trust by 4.8% during the fourth quarter. Jennison Associates LLC now owns 6,139,652 shares of the real estate investment trust’s stock worth $121,811,000 after buying an additional 278,959 shares during the last quarter. Perigon Wealth Management LLC purchased a new stake in Independence Realty Trust in the 4th quarter valued at $222,000. Foundations Investment Advisors LLC increased its stake in shares of Independence Realty Trust by 26.1% in the 4th quarter. Foundations Investment Advisors LLC now owns 16,797 shares of the real estate investment trust’s stock worth $333,000 after acquiring an additional 3,481 shares during the last quarter. Finally, KBC Group NV raised its holdings in shares of Independence Realty Trust by 43.6% during the 4th quarter. KBC Group NV now owns 9,295 shares of the real estate investment trust’s stock worth $184,000 after acquiring an additional 2,823 shares during the period. Hedge funds and other institutional investors own 88.25% of the company’s stock.

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.