Independence Realty Trust (NYSE:IRT) Sets New 52-Week High – Should You Buy?

Independence Realty Trust, Inc. (NYSE:IRT)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $21.27 and last traded at $21.22, with a volume of 295955 shares trading hands. The stock had previously closed at $20.99.

Analyst Upgrades and Downgrades

IRT has been the topic of a number of research analyst reports. BTIG Research lifted their price target on Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. JMP Securities lifted their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Monday, September 9th. BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $19.00 to $21.00 in a research note on Friday, November 15th. KeyCorp boosted their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.43.

Independence Realty Trust Price Performance

The firm has a market cap of $4.81 billion, a price-to-earnings ratio of 18.41, a price-to-earnings-growth ratio of 3.00 and a beta of 1.17. The business’s 50-day moving average price is $20.19 and its two-hundred day moving average price is $19.09.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Monday, September 30th were issued a $0.16 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.64 annualized dividend and a yield of 3.00%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Ashton Thomas Private Wealth LLC bought a new position in Independence Realty Trust in the 2nd quarter worth approximately $25,000. Mattson Financial Services LLC acquired a new stake in Independence Realty Trust during the second quarter valued at $28,000. V Square Quantitative Management LLC bought a new stake in Independence Realty Trust in the third quarter worth approximately $28,000. Pathway Financial Advisers LLC bought a new position in shares of Independence Realty Trust in the 1st quarter valued at approximately $31,000. Finally, Blue Trust Inc. lifted its position in Independence Realty Trust by 295.9% during the 3rd quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 1,527 shares during the last quarter. 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.