Independence Realty Trust, Inc. (NYSE:IRT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Independence Realty Trust, Inc. (NYSE:IRT) has earned an average rating of “Moderate Buy” from the seven research firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $19.57.

IRT has been the subject of several recent research reports. BTIG Research upped their target price on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a report on Monday, August 12th. KeyCorp increased their target price on Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. JMP Securities raised their target price on Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Monday, September 9th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th.

Institutional Investors Weigh In On Independence Realty Trust

Institutional investors have recently bought and sold shares of the stock. Ashton Thomas Private Wealth LLC bought a new stake in shares of Independence Realty Trust during the 2nd quarter worth about $25,000. Pathway Financial Advisers LLC acquired a new position in shares of Independence Realty Trust during the first quarter valued at approximately $31,000. Lazard Asset Management LLC bought a new stake in Independence Realty Trust during the first quarter worth approximately $40,000. Advisors Asset Management Inc. lifted its position in Independence Realty Trust by 146.6% in the first quarter. Advisors Asset Management Inc. now owns 2,833 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 1,684 shares during the period. Finally, Financial Gravity Asset Management Inc. bought a new position in Independence Realty Trust during the 2nd quarter valued at $64,000. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

Independence Realty Trust stock opened at $20.50 on Friday. Independence Realty Trust has a 12 month low of $11.61 and a 12 month high of $21.20. The company has a fifty day moving average price of $19.93 and a two-hundred day moving average price of $17.95. The company has a market cap of $4.61 billion, a PE ratio of -683.17, a P/E/G ratio of 3.10 and a beta of 1.17.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Monday, September 30th. Independence Realty Trust’s dividend payout ratio (DPR) is -2,133.33%.

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.