Independence Realty Trust (NYSE:IRT) Now Covered by Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Independence Realty Trust (NYSE:IRT - Free Report) in a research note published on Wednesday, MarketBeat.com reports. The firm issued an overweight rating and a $24.00 price target on the real estate investment trust's stock.

A number of other research analysts have also recently commented on the stock. JMP Securities reissued 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. Jefferies Financial Group raised shares of Independence Realty Trust from a "hold" rating to a "buy" rating and boosted their target price for the stock from $20.00 to $24.00 in a research report on Monday, March 10th. Finally, Barclays reduced their target price 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. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.00.

Independence Realty Trust Trading Down 0.6 %

IRT traded down $0.13 during trading on Wednesday, hitting $20.74. 3,440,558 shares of the company's stock were exchanged, compared to its average volume of 2,014,773. Independence Realty Trust has a 1 year low of $15.25 and a 1 year high of $22.26. The stock has a 50 day moving average price of $20.14 and a 200 day moving average price of $20.29. The firm has a market cap of $4.79 billion, a P/E ratio of 115.19, a price-to-earnings-growth ratio of 2.91 and a beta of 1.18.

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Independence Realty Trust (NYSE:IRT - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) 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%. Analysts forecast that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Friday, March 28th will be issued a $0.16 dividend. The ex-dividend date is Friday, March 28th. This represents a $0.64 annualized dividend and a yield of 3.09%. Independence Realty Trust's dividend payout ratio is presently 355.56%.

Institutional Trading of Independence Realty Trust

Institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC raised its holdings in Independence Realty Trust by 66.0% in the fourth quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 521 shares in the last quarter. SRS Capital Advisors Inc. raised its holdings in Independence Realty Trust by 627.5% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust's stock valued at $46,000 after acquiring an additional 2,008 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in Independence Realty Trust by 67.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust's stock valued at $49,000 after acquiring an additional 1,000 shares in the last quarter. Blue Trust Inc. increased its stake in Independence Realty Trust by 33.9% during the fourth quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust's stock valued at $56,000 after purchasing an additional 692 shares during the last quarter. Finally, Avior Wealth Management LLC increased its stake in Independence Realty Trust by 437.8% during the third quarter. Avior Wealth Management LLC now owns 3,001 shares of the real estate investment trust's stock valued at $62,000 after purchasing an additional 2,443 shares during the last quarter. 88.25% of the stock is 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.