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

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) has earned an average rating of "Moderate Buy" from the seven analysts that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and six have given a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $19.57.

A number of research analysts have recently weighed in on the stock. JMP Securities increased their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a "market outperform" rating in a research report on Monday, September 9th. BTIG Research upped their price objective on Independence Realty Trust from $18.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, August 12th. KeyCorp raised their target price on Independence Realty Trust from $20.00 to $22.00 and gave the stock an "overweight" rating in a research report on Friday, September 6th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Independence Realty Trust from $18.00 to $22.00 and gave the stock a "buy" rating in a research note on Tuesday, September 10th.

Hedge Funds Weigh In On Independence Realty Trust

A number of large investors have recently modified their holdings of IRT. Bayesian Capital Management LP purchased a new position in shares of Independence Realty Trust during the first quarter worth about $499,000. Vanguard Group Inc. increased its holdings in shares of Independence Realty Trust by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust's stock worth $528,165,000 after buying an additional 343,334 shares during the last quarter. Boston Partners bought a new position in shares of Independence Realty Trust in the 1st quarter worth $892,000. Russell Investments Group Ltd. raised its position in shares of Independence Realty Trust by 35.9% during the 1st quarter. Russell Investments Group Ltd. now owns 205,491 shares of the real estate investment trust's stock valued at $3,315,000 after buying an additional 54,279 shares in the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Independence Realty Trust by 152.9% during the 1st quarter. SG Americas Securities LLC now owns 198,561 shares of the real estate investment trust's stock worth $3,203,000 after acquiring an additional 120,062 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Stock Performance

NYSE:IRT traded up $0.37 during trading on Friday, reaching $20.90. The company's stock had a trading volume of 3,084,720 shares, compared to its average volume of 2,308,032. Independence Realty Trust has a 12 month low of $12.50 and a 12 month high of $21.20. The firm has a market cap of $4.70 billion, a price-to-earnings ratio of 18.01, a price-to-earnings-growth ratio of 2.90 and a beta of 1.17. The firm has a 50 day moving average of $20.08 and a 200-day moving average of $18.81.

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Monday, September 30th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.64 dividend on an annualized basis and a yield of 3.06%.

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.