Independence Realty Trust, Inc. (NYSE:IRT) Receives $21.71 Average PT from Brokerages

Independence Realty Trust, Inc. (NYSE:IRT) has been given an average rating of “Moderate Buy” by the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $21.71.

Several analysts have issued reports on IRT shares. Barclays cut their price target on shares of Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 19th. JMP Securities restated a “market outperform” rating and set a $22.00 target price on shares of Independence Realty Trust in a report on Tuesday, February 11th. Finally, Jefferies Financial Group raised Independence Realty Trust from a “hold” rating to a “buy” rating and lifted their price target for the stock from $20.00 to $24.00 in a research note on Monday, March 10th.

Independence Realty Trust Price Performance

Shares of IRT opened at $20.98 on Friday. Independence Realty Trust has a 1 year low of $15.23 and a 1 year high of $22.26. The stock has a 50 day simple moving average of $19.97 and a two-hundred day simple moving average of $20.28. The firm has a market cap of $4.85 billion, a P/E ratio of 116.58, a P/E/G ratio of 2.91 and a beta of 1.19.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. On average, equities analysts anticipate that Independence Realty Trust will post 1.19 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Friday, March 28th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.05%. The ex-dividend date is Friday, March 28th. Independence Realty Trust’s dividend payout ratio (DPR) is currently 355.56%.

Institutional Trading of Independence Realty Trust

Several large investors have recently added to or reduced their stakes in IRT. Wellington Management Group LLP lifted its holdings in Independence Realty Trust by 17.9% in the fourth quarter. Wellington Management Group LLP now owns 13,398,947 shares of the real estate investment trust’s stock worth $265,835,000 after buying an additional 2,037,968 shares during the period. Jennison Associates LLC lifted its stake in shares of Independence Realty Trust by 4.8% in the 4th quarter. Jennison Associates LLC now owns 6,139,652 shares of the real estate investment trust’s stock valued at $121,811,000 after purchasing an additional 278,959 shares during the period. Geode Capital Management LLC boosted its position in shares of Independence Realty Trust by 0.9% during the third quarter. Geode Capital Management LLC now owns 5,857,943 shares of the real estate investment trust’s stock valued at $120,108,000 after purchasing an additional 50,788 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Independence Realty Trust by 8.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,380,250 shares of the real estate investment trust’s stock worth $86,904,000 after purchasing an additional 352,307 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Independence Realty Trust by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,561,615 shares of the real estate investment trust’s stock worth $70,662,000 after purchasing an additional 60,919 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.