Independence Realty Trust (NYSE:IRT) Upgraded to "Market Perform" at BMO Capital Markets

Independence Realty Trust (NYSE:IRT - Get Free Report) was upgraded by investment analysts at BMO Capital Markets from an "underperform" rating to a "market perform" rating in a note issued to investors on Friday, MarketBeat Ratings reports. The firm currently has a $21.00 price objective on the real estate investment trust's stock, up from their prior price objective of $19.00. BMO Capital Markets' price objective suggests a potential upside of 0.33% from the stock's current price.

IRT has been the topic of a number of other research reports. KeyCorp raised their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an "overweight" rating in a report on Friday, September 6th. BTIG Research raised their price objective on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, August 12th. Deutsche Bank Aktiengesellschaft lifted their price target on Independence Realty Trust from $18.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, September 10th. Finally, JMP Securities boosted their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a "market outperform" rating in a report on Monday, September 9th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.43.

Independence Realty Trust Trading Up 0.4 %

IRT stock traded up $0.08 during trading on Friday, reaching $20.93. 820,204 shares of the stock were exchanged, compared to its average volume of 2,269,958. Independence Realty Trust has a 1 year low of $12.99 and a 1 year high of $21.23. The business has a 50 day moving average price of $20.11 and a 200-day moving average price of $18.93. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of 18.34, a P/E/G ratio of 2.99 and a beta of 1.17.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC bought a new stake in shares of Independence Realty Trust during the 2nd quarter worth $25,000. Mattson Financial Services LLC bought a new position in Independence Realty Trust in the 2nd quarter valued at $28,000. V Square Quantitative Management LLC bought a new position in Independence Realty Trust in the third quarter valued at about $28,000. Pathway Financial Advisers LLC acquired a new position in shares of Independence Realty Trust during the 1st quarter worth about $31,000. Finally, Blue Trust Inc. boosted its position in Independence Realty Trust by 295.9% during the 3rd quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust's stock worth $38,000 after acquiring an additional 1,527 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.

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.