Brokerages Set Independence Realty Trust, Inc. (NYSE:IRT) Target Price at $21.14

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been given an average rating of “Moderate Buy” by the seven analysts that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $21.14.

Several research analysts have issued reports on the company. JMP Securities boosted their target price on Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report on Monday, September 9th. Deutsche Bank Aktiengesellschaft upped their price objective on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Barclays started coverage on shares of Independence Realty Trust in a research note on Tuesday, December 17th. They set an “equal weight” rating and a $23.00 target price for the company. BMO Capital Markets raised shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $19.00 to $21.00 in a research note on Friday, November 15th. Finally, KeyCorp boosted their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, September 6th.

Independence Realty Trust Trading Up 0.2 %

IRT stock opened at $19.84 on Monday. The stock has a market cap of $4.47 billion, a PE ratio of 76.31, a P/E/G ratio of 3.07 and a beta of 1.19. Independence Realty Trust has a 12 month low of $14.07 and a 12 month high of $22.26. The company has a 50-day moving average price of $20.73 and a 200 day moving average price of $19.94.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.23%. The ex-dividend date is Tuesday, December 31st. Independence Realty Trust’s payout ratio is 246.15%.

Institutional Investors Weigh In On Independence Realty Trust

Large investors have recently modified their holdings of the business. Bank of New York Mellon Corp increased its holdings in Independence Realty Trust by 2.8% during the second quarter. Bank of New York Mellon Corp now owns 2,468,193 shares of the real estate investment trust’s stock valued at $46,254,000 after buying an additional 68,117 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Independence Realty Trust by 2,295.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 35,255 shares of the real estate investment trust’s stock worth $661,000 after acquiring an additional 33,783 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Independence Realty Trust by 14.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,458 shares of the real estate investment trust’s stock worth $1,864,000 after purchasing an additional 12,180 shares during the last quarter. Signaturefd LLC boosted its position in Independence Realty Trust by 38.0% during the second quarter. Signaturefd LLC now owns 17,667 shares of the real estate investment trust’s stock valued at $331,000 after purchasing an additional 4,864 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Independence Realty Trust by 15.3% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 42,537 shares of the real estate investment trust’s stock valued at $797,000 after purchasing an additional 5,644 shares during the last quarter. Institutional investors own 88.25% of the company’s stock.

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.