Independence Realty Trust, Inc. (NYSE:IRT) Given Consensus Rating of "Moderate Buy" by Analysts

Shares of Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) have earned an average recommendation of "Moderate Buy" from the seven analysts that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $21.71.

Several equities research analysts have recently weighed in on the stock. Jefferies Financial Group raised shares of Independence Realty Trust from a "hold" rating to a "buy" rating and upped their target price for the stock from $20.00 to $24.00 in a report on Monday, March 10th. Barclays reduced their price target on shares of Independence Realty Trust from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 19th. Finally, JMP Securities restated a "market outperform" rating and set a $22.00 target price on shares of Independence Realty Trust in a research report on Tuesday, February 11th.

Independence Realty Trust Stock Performance

Shares of Independence Realty Trust stock traded down $0.19 on Friday, reaching $20.81. The stock had a trading volume of 1,797,120 shares, compared to its average volume of 2,009,412. Independence Realty Trust has a fifty-two week low of $15.23 and a fifty-two week high of $22.26. The business's 50-day moving average price is $19.97 and its two-hundred day moving average price is $20.28. The stock has a market cap of $4.81 billion, a P/E ratio of 115.62, a price-to-earnings-growth ratio of 2.91 and a beta of 1.19.

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Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. As a group, equities analysts forecast that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Friday, March 28th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.64 annualized dividend and a dividend yield of 3.08%. Independence Realty Trust's dividend payout ratio is currently 355.56%.

Hedge Funds Weigh In On Independence Realty Trust

Several hedge funds have recently made changes to their positions in IRT. Massachusetts Financial Services Co. MA grew its stake in shares of Independence Realty Trust by 236.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,027,943 shares of the real estate investment trust's stock worth $82,573,000 after acquiring an additional 2,829,247 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Independence Realty Trust by 24.4% in the 3rd quarter. Wellington Management Group LLP now owns 11,360,979 shares of the real estate investment trust's stock valued at $232,900,000 after buying an additional 2,225,371 shares during the last quarter. Bamco Inc. NY boosted its holdings in shares of Independence Realty Trust by 592.0% in the 4th quarter. Bamco Inc. NY now owns 1,711,746 shares of the real estate investment trust's stock valued at $33,961,000 after buying an additional 1,464,400 shares during the last quarter. Deutsche Bank AG boosted its holdings in shares of Independence Realty Trust by 72.5% in the 4th quarter. Deutsche Bank AG now owns 3,381,684 shares of the real estate investment trust's stock valued at $67,093,000 after buying an additional 1,421,377 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Independence Realty Trust by 419.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,433,058 shares of the real estate investment trust's stock valued at $29,378,000 after buying an additional 1,157,052 shares during the last quarter. 88.25% of the stock is owned by institutional investors.

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.