Independence Realty Trust (NYSE:IRT) Stock Rating Upgraded by BMO Capital Markets

Independence Realty Trust (NYSE:IRT) was upgraded by stock analysts at BMO Capital Markets from an “underperform” rating to a “market perform” rating in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a $21.00 target price on the real estate investment trust’s stock, up from their previous target price of $19.00. BMO Capital Markets’ price objective indicates a potential upside of 0.72% from the company’s previous close.

Other analysts also recently issued reports about the company. BTIG Research upped their price objective on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 12th. JMP Securities raised their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Monday, September 9th. Deutsche Bank Aktiengesellschaft lifted their target price on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Finally, KeyCorp upped their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.43.

Independence Realty Trust Stock Performance

NYSE IRT opened at $20.85 on Friday. Independence Realty Trust has a one year low of $12.99 and a one year high of $21.23. The firm has a market cap of $4.69 billion, a PE ratio of 18.34, a P/E/G ratio of 2.99 and a beta of 1.17. The firm’s fifty day moving average is $20.10 and its two-hundred day moving average is $18.92.

Institutional Trading of Independence Realty Trust

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

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.