Independence Realty Trust (NYSE:IRT) Price Target Raised to $22.00 at KeyCorp

Independence Realty Trust (NYSE:IRT) had its price objective boosted by KeyCorp from $20.00 to $22.00 in a research note published on Friday morning, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

Other equities analysts have also issued research reports about the stock. JMP Securities upped their price target on shares of Independence Realty Trust from $17.00 to $20.00 and gave the stock a market outperform rating in a research report on Friday, August 2nd. BTIG Research upped their price target on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a buy rating in a research report on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $18.71.

Independence Realty Trust Price Performance

NYSE:IRT opened at $19.74 on Friday. The firm has a 50 day simple moving average of $19.38 and a 200-day simple moving average of $17.42. The firm has a market cap of $4.44 billion, a PE ratio of -657.83, a P/E/G ratio of 3.05 and a beta of 1.14. Independence Realty Trust has a 1-year low of $11.61 and a 1-year high of $20.86.

Independence Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Shareholders of record on Friday, June 28th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.64 annualized dividend and a yield of 3.24%. Independence Realty Trust’s dividend payout ratio is currently -2,133.33%.

Institutional Investors Weigh In On Independence Realty Trust

Several institutional investors have recently bought and sold shares of the business. Creative Planning grew its stake in Independence Realty Trust by 12.9% during the second quarter. Creative Planning now owns 98,962 shares of the real estate investment trust’s stock worth $1,855,000 after buying an additional 11,338 shares during the period. Algert Global LLC purchased a new position in shares of Independence Realty Trust in the second quarter valued at $592,000. Makena Capital Management LLC purchased a new position in shares of Independence Realty Trust in the second quarter valued at $10,039,000. Employees Retirement System of Texas purchased a new position in shares of Independence Realty Trust in the second quarter valued at $2,061,000. Finally, APG Asset Management US Inc. purchased a new position in shares of Independence Realty Trust in the second quarter valued at $9,395,000. 88.25% of the stock is currently owned by hedge funds and other 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.