Independence Realty Trust (NYSE:IRT) Earns "Market Outperform" Rating from JMP Securities

Independence Realty Trust (NYSE:IRT - Get Free Report)'s stock had its "market outperform" rating reiterated by JMP Securities in a research note issued on Tuesday,Benzinga reports. They currently have a $22.00 price target on the real estate investment trust's stock. JMP Securities' target price indicates a potential upside of 6.77% from the company's previous close.

Several other research analysts have also recently weighed in on the stock. BMO Capital Markets upgraded shares of Independence Realty Trust from an "underperform" rating to a "market perform" rating and upped their price target for the company from $19.00 to $21.00 in a report on Friday, November 15th. Barclays reduced their target price on shares of Independence Realty Trust from $23.00 to $21.00 and set an "equal weight" rating for the company in a research note on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $20.86.

Independence Realty Trust Stock Up 0.4 %

Shares of IRT traded up $0.09 during trading hours on Tuesday, reaching $20.61. The stock had a trading volume of 899,239 shares, compared to its average volume of 1,560,190. The company has a market cap of $4.64 billion, a P/E ratio of 17.43, a P/E/G ratio of 2.77 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 firm has a 50-day moving average of $19.77 and a 200 day moving average of $20.07.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, topping analysts' consensus estimates of $0.08 by $0.24. Independence Realty Trust had a negative return on equity of 0.01% and a negative net margin of 0.03%. As a group, equities analysts expect that Independence Realty Trust will post 1.15 earnings per share for the current year.

Hedge Funds Weigh In On Independence Realty Trust

Several large investors have recently bought and sold shares of IRT. Hilton Capital Management LLC bought a new stake in Independence Realty Trust during the third quarter valued at $7,573,000. SMART Wealth LLC purchased a new stake in Independence Realty Trust during the third quarter worth about $873,000. Barclays PLC raised its stake in Independence Realty Trust by 182.3% in the 3rd quarter. Barclays PLC now owns 400,376 shares of the real estate investment trust's stock valued at $8,208,000 after acquiring an additional 258,549 shares during the period. JPMorgan Chase & Co. grew its stake in Independence Realty Trust by 38.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust's stock valued at $51,150,000 after buying an additional 686,630 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Independence Realty Trust in the 3rd quarter worth about $1,594,000. 88.25% of the stock is currently owned by institutional investors.

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.