JMP Securities Reiterates “Market Outperform” Rating for Independence Realty Trust (NYSE:IRT)

Independence Realty Trust (NYSE:IRT)‘s stock had its “market outperform” rating reaffirmed by analysts at JMP Securities in a note issued to investors on Tuesday,Benzinga reports. They currently have a $22.00 price objective on the real estate investment trust’s stock. JMP Securities’ target price would suggest a potential upside of 10.08% from the company’s previous close.

A number of other brokerages have also issued reports on IRT. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and upped their target price for the stock from $19.00 to $21.00 in a research report on Friday, November 15th. Barclays reduced their price objective on Independence Realty Trust from $23.00 to $21.00 and set an “equal weight” rating on the stock in a report on Friday, January 24th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Independence Realty Trust currently has an average rating of “Moderate Buy” and a consensus target price of $20.86.

Independence Realty Trust Price Performance

Shares of IRT traded down $0.07 on Tuesday, hitting $19.99. The company’s stock had a trading volume of 195,701 shares, compared to its average volume of 1,460,950. Independence Realty Trust has a fifty-two week low of $14.07 and a fifty-two week high of $22.26. The company has a market capitalization of $4.50 billion, a PE ratio of 17.43, a PEG ratio of 2.77 and a beta of 1.21. The company has a 50 day moving average price of $19.82 and a 200 day moving average price of $20.06.

Hedge Funds Weigh In On Independence Realty Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC lifted its stake in Independence Realty Trust by 66.0% in the fourth quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 521 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Independence Realty Trust by 0.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,984 shares of the real estate investment trust’s stock worth $2,050,000 after buying an additional 526 shares during the period. Amundi grew its holdings in shares of Independence Realty Trust by 0.5% during the fourth quarter. Amundi now owns 122,544 shares of the real estate investment trust’s stock worth $2,304,000 after buying an additional 597 shares in the last quarter. State of Alaska Department of Revenue raised its position in Independence Realty Trust by 0.5% in the 4th quarter. State of Alaska Department of Revenue now owns 133,831 shares of the real estate investment trust’s stock valued at $2,654,000 after buying an additional 643 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Independence Realty Trust by 33.9% in the 4th quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock valued at $56,000 after acquiring an additional 692 shares in the last quarter. Institutional investors own 88.25% of the company’s stock.

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.