Independence Realty Trust (NYSE:IRT) Reaches New 52-Week High at $18.60

Independence Realty Trust, Inc. (NYSE:IRT) hit a new 52-week high during trading on Friday . The company traded as high as $18.60 and last traded at $18.53, with a volume of 46169 shares changing hands. The stock had previously closed at $18.46.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on IRT shares. TheStreet lowered Independence Realty Trust from a “c” rating to a “d+” rating in a report on Friday, March 1st. JMP Securities upped their price objective on shares of Independence Realty Trust from $15.00 to $17.00 and gave the stock a “market outperform” rating in a report on Wednesday, March 6th. Two investment analysts have rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $17.00.

Independence Realty Trust Price Performance

The firm’s 50 day moving average price is $16.89 and its 200-day moving average price is $15.91. The firm has a market cap of $4.15 billion, a price-to-earnings ratio of -615.13, a P/E/G ratio of 2.68 and a beta of 1.12.

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 19th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.64 annualized dividend and a dividend yield of 3.47%. Independence Realty Trust’s payout ratio is -2,132.62%.

Hedge Funds Weigh In On Independence Realty Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Peregrine Capital Management LLC bought a new stake in Independence Realty Trust in the fourth quarter valued at about $7,728,000. Aurora Investment Managers LLC. grew its position in Independence Realty Trust by 62.8% in the fourth quarter. Aurora Investment Managers LLC. now owns 33,382 shares of the real estate investment trust’s stock valued at $511,000 after acquiring an additional 12,876 shares during the period. Lighthouse Investment Partners LLC lifted its holdings in shares of Independence Realty Trust by 22.9% during the fourth quarter. Lighthouse Investment Partners LLC now owns 725,000 shares of the real estate investment trust’s stock valued at $11,092,000 after acquiring an additional 135,000 shares during the period. Frontier Capital Management Co. LLC grew its holdings in shares of Independence Realty Trust by 19.3% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,960,798 shares of the real estate investment trust’s stock worth $45,300,000 after purchasing an additional 479,379 shares during the last quarter. Finally, Kestra Private Wealth Services LLC acquired a new position in Independence Realty Trust in the fourth quarter valued at about $994,000. 88.25% of the stock is currently owned by institutional investors.

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.