Independence Realty Trust, Inc. (NYSE:IRT) Receives $21.50 Consensus PT from Analysts

Shares of Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) have received an average rating of "Moderate Buy" from the six brokerages that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $21.33.

Several analysts have recently commented on IRT shares. BMO Capital Markets raised shares of Independence Realty Trust from an "underperform" rating to a "market perform" rating and upped their price objective for the company from $19.00 to $21.00 in a report on Friday, November 15th. Barclays dropped their price objective on shares of Independence Realty Trust from $21.00 to $20.00 and set an "equal weight" rating on the stock in a report on Wednesday. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, February 11th.

Independence Realty Trust Price Performance

NYSE:IRT traded down $0.31 during trading hours on Tuesday, hitting $20.44. 2,705,438 shares of the company were exchanged, compared to its average volume of 1,818,039. The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of 113.56, a PEG ratio of 2.89 and a beta of 1.21. Independence Realty Trust has a 52-week low of $14.35 and a 52-week high of $22.26. The company's 50 day moving average price is $19.70 and its 200-day moving average price is $20.13.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share for the quarter, topping 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%. On average, equities analysts predict that Independence Realty Trust will post 1.19 earnings per share for the current year.

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend was Tuesday, December 31st. Independence Realty Trust's dividend payout ratio is presently 355.56%.

Hedge Funds Weigh In On Independence Realty Trust

A number of large investors have recently added to or reduced their stakes in IRT. Creative Planning raised its position in Independence Realty Trust by 2.6% during the third quarter. Creative Planning now owns 101,549 shares of the real estate investment trust's stock worth $2,082,000 after acquiring an additional 2,587 shares during the period. V Square Quantitative Management LLC acquired a new position in Independence Realty Trust during the third quarter worth $28,000. Blue Trust Inc. raised its position in Independence Realty Trust by 295.9% during the third quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust's stock worth $38,000 after acquiring an additional 1,527 shares during the period. Fortis Group Advisors LLC raised its position in Independence Realty Trust by 4,790,200.0% during the third quarter. Fortis Group Advisors LLC now owns 95,806 shares of the real estate investment trust's stock worth $1,964,000 after acquiring an additional 95,804 shares during the period. Finally, Private Advisor Group LLC acquired a new position in Independence Realty Trust during the third quarter worth $257,000. 88.25% of the stock is currently owned by institutional investors and hedge funds.

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.