Analysts Set Independence Realty Trust, Inc. (NYSE:IRT) PT at $18.17

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have earned an average recommendation of “Moderate Buy” from the six analysts that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation and five have given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $18.17.

Several equities research analysts have recently commented on the company. JMP Securities upped their price target on Independence Realty Trust from $17.00 to $20.00 and gave the stock a “market outperform” rating in a research note on Friday, August 2nd. BTIG Research boosted 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.

Independence Realty Trust Stock Up 1.7 %

Shares of IRT stock opened at $20.78 on Tuesday. Independence Realty Trust has a 52-week low of $11.61 and a 52-week high of $20.80. The stock’s 50-day moving average price is $19.19 and its 200 day moving average price is $17.24. The stock has a market capitalization of $4.68 billion, a PE ratio of -692.67, a price-to-earnings-growth ratio of 2.81 and a beta of 1.14.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Shareholders of record on Friday, June 28th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.08%. The ex-dividend date was Friday, June 28th. Independence Realty Trust’s payout ratio is -2,133.33%.

Hedge Funds Weigh In On Independence Realty Trust

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Ashton Thomas Private Wealth LLC acquired a new position in Independence Realty Trust during the second quarter worth about $25,000. Pathway Financial Advisers LLC acquired a new stake in Independence Realty Trust in the first quarter valued at $31,000. Lazard Asset Management LLC acquired a new stake in Independence Realty Trust in the first quarter valued at $40,000. Advisors Asset Management Inc. increased its position in shares of 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 valued at $46,000 after buying an additional 1,684 shares in the last quarter. Finally, EdgeRock Capital LLC purchased a new stake in shares of Independence Realty Trust in the 4th quarter worth about $60,000. 88.25% of the stock is 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.