Independence Realty Trust, Inc. (NYSE:IRT) Receives $22.22 Consensus Target Price from Brokerages

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the nine analysts that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $22.33.

A number of brokerages recently commented on IRT. Barclays lifted their price objective on Independence Realty Trust from $20.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Friday. 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 research note on Monday, March 10th. Wells Fargo & Company began coverage on shares of Independence Realty Trust in a report on Wednesday, March 19th. They issued an "overweight" rating and a $24.00 price objective on the stock. JMP Securities reiterated 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, UBS Group started coverage on shares of Independence Realty Trust in a research note on Monday, April 7th. They set a "buy" rating and a $24.00 price objective on the stock.

Insider Transactions at Independence Realty Trust

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of the company's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total transaction of $212,100.00. Following the completion of the sale, the chief executive officer now directly owns 873,365 shares in the company, valued at $18,524,071.65. This represents a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.58% of the company's stock.

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Hedge Funds Weigh In On Independence Realty Trust

Institutional investors have recently modified their holdings of the business. Wellington Management Group LLP increased its holdings in shares of Independence Realty Trust by 17.9% during 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 in the last quarter. Jennison Associates LLC boosted 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 last quarter. Geode Capital Management LLC grew its holdings in Independence Realty Trust by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 5,857,943 shares of the real estate investment trust's stock worth $120,108,000 after acquiring an additional 50,788 shares during the period. Massachusetts Financial Services Co. MA increased its holdings 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Independence Realty Trust by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,561,615 shares of the real estate investment trust's stock valued at $70,662,000 after acquiring an additional 60,919 shares during the period. Institutional investors and hedge funds own 88.25% of the company's stock.

Independence Realty Trust Price Performance

Shares of IRT stock traded down $0.08 during trading hours on Wednesday, hitting $18.22. 2,219,823 shares of the company's stock were exchanged, compared to its average volume of 2,132,753. Independence Realty Trust has a 52 week low of $15.27 and a 52 week high of $22.26. The stock has a market cap of $4.21 billion, a price-to-earnings ratio of 101.19, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98. The stock's 50-day moving average is $20.41 and its 200-day moving average is $20.19.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued 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 return on equity of 1.11% and a net margin of 6.15%. Equities research 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 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 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend is Friday, March 28th. Independence Realty Trust's dividend payout ratio is currently 355.56%.

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.