Barclays Begins Coverage on Independence Realty Trust (NYSE:IRT)

Barclays assumed coverage on shares of Independence Realty Trust (NYSE:IRT - Get Free Report) in a research report issued on Tuesday, MarketBeat Ratings reports. The firm set an "equal weight" rating and a $23.00 price target on the real estate investment trust's stock. Barclays's target price would indicate a potential upside of 8.59% from the stock's previous close.

Other analysts have also recently issued reports about the company. KeyCorp lifted their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. JMP Securities increased their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock a "market outperform" rating in a research note on Monday, September 9th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, September 10th. Finally, BMO Capital Markets upgraded Independence Realty Trust from an "underperform" rating to a "market perform" rating and upped their price target for the stock from $19.00 to $21.00 in a research note on Friday, November 15th. 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 currently has an average rating of "Moderate Buy" and a consensus price target of $21.14.

Independence Realty Trust Stock Performance

Shares of Independence Realty Trust stock traded down $0.37 during midday trading on Tuesday, reaching $21.18. 2,345,748 shares of the company's stock traded hands, compared to its average volume of 2,208,886. The stock has a 50 day moving average of $20.56 and a 200-day moving average of $19.72. Independence Realty Trust has a 12 month low of $14.07 and a 12 month high of $22.26. The company has a market cap of $4.77 billion, a PE ratio of 79.78, a price-to-earnings-growth ratio of 3.07 and a beta of 1.19.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hilton Capital Management LLC purchased a new stake in shares of Independence Realty Trust in the 3rd quarter worth $7,573,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Independence Realty Trust in the third quarter worth about $1,594,000. SMART Wealth LLC bought a new position in shares of Independence Realty Trust during the 3rd quarter valued at approximately $873,000. Quantbot Technologies LP bought a new stake in Independence Realty Trust during the 3rd quarter worth approximately $2,297,000. Finally, Federated Hermes Inc. lifted its holdings in Independence Realty Trust by 327.6% during the second quarter. Federated Hermes Inc. now owns 113,985 shares of the real estate investment trust's stock valued at $2,136,000 after purchasing an additional 87,329 shares in the last quarter. Institutional investors own 88.25% of the company's stock.

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.