Independence Realty Trust (NYSE:IRT) Hits New 12-Month High - Still a Buy?

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $21.23 and last traded at $21.04, with a volume of 349516 shares traded. The stock had previously closed at $20.90.

Wall Street Analysts Forecast Growth

IRT has been the topic of a number of research analyst reports. BTIG Research raised their price objective on shares of Independence Realty Trust from $18.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, August 12th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a "buy" rating in a research report on Tuesday, September 10th. KeyCorp upped their target price on shares of 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, JMP Securities boosted 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. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $19.57.

Independence Realty Trust Trading Up 1.0 %

The business's 50 day moving average price is $20.08 and its two-hundred day moving average price is $18.83. The company has a market capitalization of $4.75 billion, a price-to-earnings ratio of 18.33, a P/E/G ratio of 2.99 and a beta of 1.17.

Independence Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were issued a dividend of $0.16 per share. The ex-dividend date was Monday, September 30th. This represents a $0.64 annualized dividend and a yield of 3.03%.

Hedge Funds Weigh In On Independence Realty Trust

Several institutional investors have recently added to or reduced their stakes in the stock. Texas Permanent School Fund Corp grew its holdings in shares of Independence Realty Trust by 1.2% in the first quarter. Texas Permanent School Fund Corp now owns 196,125 shares of the real estate investment trust's stock worth $3,163,000 after purchasing an additional 2,378 shares during the last quarter. SG Americas Securities LLC grew its stake 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 valued at $3,203,000 after acquiring an additional 120,062 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in Independence Realty Trust in the 1st quarter worth approximately $1,673,000. Sei Investments Co. boosted its stake in Independence Realty Trust by 12.2% in the 1st quarter. Sei Investments Co. now owns 215,463 shares of the real estate investment trust's stock worth $3,475,000 after purchasing an additional 23,345 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in Independence Realty Trust by 35.9% during the first quarter. Russell Investments Group Ltd. now owns 205,491 shares of the real estate investment trust's stock valued at $3,315,000 after purchasing an additional 54,279 shares during the last quarter. Institutional investors own 88.25% of the company's stock.

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.